logo-loader
viewExactus, Inc.

Exactus says strong 2019 sees it building foundation to become an industry leader

Posting results for the year to December 30, the company said 2019 had been transformational for the group

Exactus, Inc. -
Exactus said it expects gross margins to improve as it begins using lower-cost inventory from its fall harvest

Exactus Inc (OTCMKTS:EXDI), the healthcare group which farms and manufactures hemp-derived cannabidiol (CBD) products, said 2019 saw it build the foundation to become an industry leader.

"2019 was a transformational year for Exactus as we entered into the hemp market in January,”  Emiliano Aloi, Exactus president said in a statement accompanying the firm's results for the year to December 30, 2019.

READ: Exactus promotes Derek Du Chesne to president; appoints to board of directors

"We completed our first harvest which is currently being processed into raw ingredients and have entered into multiple supply agreements with industry leaders in anticipation of additional supply as we are confident in our build out of the sales and marketing team,” Aloi added.

Entering the hemp market early in 2019 meant the group posted revenue for the year of C$345,680 versus zero in 2018, while the net loss was around C$10.2 million from a loss of around C$4.3 million the previous year as expenditure inevitably increased.

Exactus said it expects gross margins to improve as it begins using lower-cost inventory from its fall harvest.

Looking ahead, the group noted that, during the first quarter of this year, it received purchase orders for around C$900,000 of CBD and CBG products.

"We now have the components in place to execute our long-term strategy and are looking forward to growing off of the foundation that we have established," the group added.

Shareholders’ equity increased to C$3.7 million in calendar 2019 from a shareholder deficit of C$3.4 million in 2018.

Contact the author at [email protected]

Quick facts: Exactus, Inc.

Price: 0.1053 USD

OTCQB:EXDI
Market: OTCQB
Market Cap: $5.22 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Exactus, Inc. named herein, including the promotion by the Company of Exactus, Inc. in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Exactus off to a great start in 2020 signing a number of Hemp contracts

Exactus (OTCQB: EXDI) President Derek Du Chesne joined Steve Darling from Proactive with news the company is seeing a strong start to 2020 with new customers signing purchase orders. Du Chesne also told Proactive about their new hemp buyback program that was put in place to help farmers...

1 month ago

2 min read