Plus Products Inc (OTCMKTS:PLPRF) posted revenues of $3.7 million (up 5.7% YoY) in Q3 2020. It is on the backdrop of earning higher revenues from adult-use cannabis in the Californian market. Increased demand for adult-use cannabis in Nevada and hemp CBD products also helped the company to boost revenues in the quarter.
Expects to report strong growth
Plus Products experienced slow growth in sales in July and August because it enhanced the prices of its core products. However, it posted strong sales in the final month of the quarter. It expects to post over $4 million in revenues in Q4 2020.
Introduces HI-CUBES Brand
Plus Products unveiled HI-CUBES brand gummy products in July 2020. It infused 5 mg of THC per 5 calories of serving. The customers in California can avail high volumes of concentrated gummies. Other ingredients of HI-CUBES gummies include automatic terpenes, flavonoids, and cannabinoids to provide a powerful cannabis experience for consumers.
Unveils PLUS SLEEP Brand
Plus Products expanded its product line with the launch of the PLUS SLEEP brand in September 2020 for the adult-use market in California. The key ingredients in the PLUS SLEEP brand are CBN, CBD, THC, and melatonin to satisfy the needs of cannabis sleep aid users.
CEO and Co-founder, Jake Heimark said the company achieved significant progress in Q3, consumed cash of $0.4 million, and reported 40% gross profit margins. On the commercial front, the company expanded its product line by introducing new products. Its HIGH-CUBES product line delivered concentrated cannabis gummies for the consumers. It also introduced sleep aid products in September. Though it experienced sluggish sales in the first half of the year, PLUS Products expects to improve long-term stability and enhanced economics going forward.
Plus Products achieved retail sales of more than $1.5 million in 2020, in Nevada despite COVID-19 pandemic-related restrictions. It became a top-5 brand in the market dominated by over 50 competitors. The company expects to maintain profitability and maintain a lead in the edibles serving the legal market.
Launches innovative Plus Strains brand
Plus Products launched the Plus Strains brand to provide an improved experience of strains to the consumers. Its new lineup comprises Granddaddy Purple, Pineapple Express, and Lemon Jack. It also ensures the availability of Sugar Plum until the end of 2020. Each pack comprises real fruit, full-spectrum cannabis oil, and 5mg of THC.