The group's First Class CBD brand garnered sales of C$4,290,000, a 235% year-over-year increase
Corp () (OTCMKTS:PEMTF) announced Monday that demand for its CBD products helped it achieve significant revenue growth in March.
In a statement, the e-commerce-focused company said its First Class CBD brand garnered sales of C$4,290,000, a 235% year-over-year increase, with related expenses of C$4,240,000.
Mota said customer acquisition expenses for March 2020 included one-time costs of about C$1,160,000 associated with the introduction of its new line of Immune Support and CBD products.
READ: Mota Ventures gains a record number of subscriptions in March, while adding over 6,000 customers in April
The Immune Support product line experienced further positive growth contributing to First Class acquiring 20,959 new customers during the month of March, the company added.
The all-natural Immunity Blend is made from 100% pure essential oils, including cinnamon leaf, lemon, clove bud, lime, eucalyptus globulus, rosemary, peppermint, spearmint and oregano. Mota also launched an Immune CBD oil, along with an Elderberry Gummy product containing CBD, B3, B12, Vitamin C and Zinc.
The company also introduced a new brand, Nature’s Exclusive CBD, in the first week of April. The Nature’s Exclusive CBD brand will offer a range of products, which include the new Immune CBD oil, Elderberry gummies, CBD oil drops, CBD gummies, CBD pain relief cream, CBD skin serum and CBD coffee.
First Class offers a CBD hemp-oil formulation intended to provide users with therapeutic benefits that hemp may offer. The hemp oil used in the products is derived from hemp grown and cultivated in the US.
The extraction process is designed to maintain all the beneficial qualities that hemp may offer. First Class offers a range of products, which include CBD oil drops, CBD gummies, CBD pain relief cream, CBD skin serum and CBD coffee.
Mota said First Class plans to continue its significant growth in its US operations during the remainder of 2020, as well as an expansion into the European market.
“I am extremely pleased with the performance of our business during March 2020, a month where the world and the economy faced immeasurable challenges,” Mota CEO Ryan Hoggan said in a statement.
“Our ability to efficiently innovate and launch new products is a perfect example of our primary competitive advantage, and what allows us to be a leader in the e-commerce space.”
Hoggan said the company expects its February to March investment in accelerated customer acquisition will continue to produce significant revenue growth, and Mota is hopeful “it will lead to increased profitability in the upcoming months.”
The company, however, cautioned that figures for revenue, expenses and margins generated from the sale of First Class CBD products have not been audited and are based on calculations prepared by management.
Mota, based in Vancouver, has its sights set on becoming a vertically integrated CBD company with operations in Europe and the Americas. It operates a 2.5-hectare growing site in Colombia and has begun to establish sales and distribution channels through the acquisition of the Sativida and First Class CBD brands.
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