Exactus Inc (OTCQB:EXDI), an early mover in the hemp-derived cannabinoids market, said Monday that it has obtained several “significant orders” and has started delivery of product from its 2019 hemp harvest.
In a statement, the company said the total value of orders received during October and November now total over $750,000.
The company said the first orders represented the “initial monetization” of the company’s approximately 200 acres in Southwest Oregon from which over 30,000 pounds of flowers are being harvested.
READ: Healthcare company Exactus has diversified to pursue opportunities in hemp-derived CBD products
“Additional biomass is being prepared for sale and production into ingredients and finished products for our own Green Goddess and other brands, as well as for sale to others,” said the company.
Exactus farms and processes industrial hemp to be manufactured into CBD-related products using, as much as possible, their facilities and certified good manufacturing practice (cGMP) resources at every step of the supply chain.
The company sells its CBD products through its own Exactus brand and white label products to third-party resellers. It is also introducing a range of consumer brands, such as Green Goddess Extracts, Paradise CBD, and Levor Collection.
In its statement, Exactus CEO Emiliano Aloi said the orders demonstrated that the company has been able to successfully grow and produce products derived from hemp following the adoption of the Agricultural Improvement Act of 2018.
After 40 years of prohibition, the Agriculture Improvement Act of 2018, commonly referred to as the Farm Bill, reclassified hemp, and it is now legal to grow industrial hemp.
Expecting a solid fourth quarter
“Our very first crop was produced in collaboration with our experienced Oregon farm team utilizing premier genetic stock provided by Oregon CBD,” said Aloi.
“We are on track for a solid fourth quarter, with initial revenues, as planned. Our team has been able to prospect, prepare, plant, harvest and get our business into cashflow in under 10 months, proving that the model works and that it’s time to strengthen it and grow it in scale,” he added.
The Exactus boss said that 2020 will see the company bringing “a variety of additional products” to market, meeting the high standards of production, traceability and compliance that characterizes the company.
“We have already started work on the 2020 season, incorporating CBG and other cannabinoids to the farming and production plan. We are pleased with the progress we have achieved and look forward to the opportunities we have at hand,” said Aloi.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive