Plus Products Inc (OTCMKTS:PLPRF) Reports A Growth Of 15% YoY In 2020 Revenues

Plus Products Inc (OTCMKTS:PLPRF) reported a growth of 15% YoY to $15.9 million in 2020. However, its revenues declined to $3.1 million in Q4 2020. It is on the backdrop of expected promotional costs and return of products sold to its previous distribution partner. Plus Products narrowed its loss to $8.3 million (up 15% YoY) in 2020.

Business highlights

Plus Products introduced PLUS CBDRelief brand in February 2020. The company sold this product to more than 340 licensed retailers as of today.

Plus Products unveiled highly concentrated cannabis gummies in California in July 2020. The innovative HI-Cubes brand features full-spectrum oil, less sugar, and just 5 calories. It delivers 10 mg of THC in each serving.

Plus Products launched an innovative Plus Sleep Brand in September 2020 for the adult-use market in California. Scientifically formulated Plus Sleep Branded products promote instant sleep to get refreshed for the next day’s hectic schedule. More than 250 retailers have purchased Plus Sleep products as of today.

Plus Products unveiled the Plus Strains brand in December 2020. It is available in a special holiday edition such as Sugar Plum, Granddaddy Purple, Pineapple Express, and Lemon Jack. The company also provides three permanent offerings. Each gummy comprises real fruit, cannabis oil, and 5mg of THC. More than 200 retailers have received Plus strains as of date.

Following the retirement of Jon Paul in June 2020, Plus Products appointed Nate Pearson as CFO.

Business updates after 2020

Plus Products unveiled CBD Gummies derived from hemp in the UK in January 2021 through Elements of Green, an online marketplace.

The company launched Sour Watermelon UPLIFT gummies in January 2021. In California, they are the best-selling edibles through a leading e-commerce platform – LeafLink.

Plus Products inked a pact with a leading cannabis firm based in Israel – CannRx Biosciences in February 2021 to sell its products.

Unveils PLUS Hash Gummies

Plus Products introduced Plus Hash Gummies, which are offered in orange blossom flavor and comprise 10 mg of THC, in April 2021, for sale in California. It offers uplifting and relaxing efforts.

Enters a deal with Eaze Technologies

In March 2021, Plus Products signed a pact with Eaze Technologies to introduce limited edition and co-branded cannabis gummy in California. Under this collaboration accord, Eaze realized sales of more than 100 million cannabis gummies.

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