Lotus Ventures Inc. (OTCMKTS:LTTSF) the licensed cannabis producer that owns Lotus Cannabis has announced that it generated $4.6 million in sales and posted a net income of $1.5 million for the fiscal year ended August 31, 2020.
Lotus posted revenue of $4.6 million after successful harvest of Kalifornia strain
The company completed 31 harvests in FY2020 which passed all necessary third-party lab tests. Interestingly most of the production was of the company’s unique, high-quality Kalifornia strain which averaged around 24.4% THC and terpene content of up to 3. Lotus started realizing sales in Q2 FY2020 and reported their quarter of sales. Most importantly the sales continued strongly in Q1 of FY2021. Leveraging the company’s years of innovation and experience the company reached profitability in the first production year. The company has demonstrated that it can consistently produce high THC and terpene content cannabis which is in high demand.
Revenue for FY2020 was $4.6 million with a gross margin of 80% or $3.7 million. The company reported positive earnings per share of $0.02 compared to a loss of $0.04 per share a year ago. At the end of the year, the company has increased its cash to $282,000 with total assets increasing to $16.9 million. For the second time in Q4 FY2020, the company reported revenue exceeding $1.75 million with an average net income of $0.495 million.
Kalifornia strain performing well since its launch
Lotus launched the Kalifornia strain in partnership with Kolab Project in New Brunswick, Ontario, Alberta, and British Columbia with more provinces to follow. In Ontario, Kalifornia was the sixth best-selling SKU in the dried cannabis flower market and gained a 1.2% market share while in New Brunswick it reached number one since its launch.
Dale McClanaghan the company’s CEO said that the Lotus cultivation team has shown the value of years of experience and an ultramodern facility to produce high THC and terpene levels of cannabis. McClanaghan said that this has been the foundation of the company’s success in 2020 where it witnessed considerable sales and marketing progress and enhanced its brand awareness.
 Reports Net Income Of $1.5 Million In FY2020){kind=link}