The company’s products are designed to help pets with troublesome hips and joints, as well as anxiety. It’s chews and oils are hemp based and supplemented with omega-3s.
For the fiscal year ended March 31, 2019, the Vernon, British Columbia-based company posted revenue that increased by 65% to C$2.3 million, the company’s highest annual revenue to date.
The company said revenue for the fiscal fourth quarter jumped 54% to C$595,261, up from $386,733 in the same period a year earlier.
In fiscal 2019, True Leaf expanded its retail distribution to 3,500 stores worldwide with the addition of Pet Planet as a North American retail partner.
CEO Darcy Bomford founded True Leaf Brands in 2013 and it has two main operating divisions: True Leaf Medicine Inc and True Leaf Pet Inc.
True Leaf Pet is focused on developing and selling supplements and treat for pets, while True Leaf Medicine is focused on the development of cannabinoid-related products for medicinal use.
Bomford said that during the year, the company took “important steps” to build long-term value in True Leaf.
CBD products for pets
“True Leaf is well-positioned to continue expanding in key markets such as the US, UK, and Asia as we prepare to roll out our new line of CBD products for pets,” said Bomford.
True Leaf’s hemp-seed based products are legally compliant in both the US and Canada and is part of its strategy to position the company as a global, cannabis-for-pets brand market leader. True Leaf products are made up of a formula of active ingredients – anchored by hemp – which aim to target a range of pet health issues, such as calming support, hip and joint function and omega 3 supplementation.
The company incurred a net loss of C$5.5 million for the twelve months ended March 31, 2019, compared to $4 million the previous fiscal year as it had higher operating costs linked to marketing and R&D spend.
Busy Spell for the company
During the fiscal year, True Leaf’s True Hemp product line received the National Animal Supplement Council (NASC) quality seal, one of the highest quality certifications in the pet industry.
The company also worked on building the True Leaf campus which includes the company's cannabis cultivation and production facility in Lumby, British Columbia.
True Leaf expanded into the European markets by entering into partnerships with new distributors in Norway, Holland, Belgium, Switzerland, and Greece.
It also launched its first hemp-based product line specially formulated for cats in the European market.
The company has enough cash in its war chest having closed a convertible security funding for C$4.5 million with Lind Partners, a New York institutional fund. In May, the company also received nearly C$1 million in proceeds through a successful warrant exercise.
Contact Uttara Choudhury at [email protected]