Corp () (OTCMKTS:PEMTF) said Friday that in February its First Class CBD brand achieved record sales of C$2,981,000, with related expenses for the same period amounting to C$2,814,000.
In a statement, the Vancouver-based company said that due to “accelerated marketing efforts” in late-January, the brand improved gross margins by 4.9% in January, compared to February.
“These efforts will yield a further positive impact on revenue and margin in subsequent months,” said the company in a statement.
READ: Mota Ventures taps e-commerce veteran Ryan Hoggan as new CEO
Sales in February this year soared 832% to C$2,981,000, compared to C$320,000 in the same period in 2019.
First Class offers a CBD hemp-oil formulation derived from hemp cultivated in the US. The extraction process keeps hemp’s beneficial qualities intact. First Class offers a range of products, which include CBD oil drops, CBD gummies, CBD pain relief cream, CBD skin serum and CBD coffee.
The company said it plans to encourage the growth of First Class in the US for the rest of the year and into the European market.
CEO Ryan Hoggan said he was “extremely pleased” with the performance of the company’s First Class brand through the first few months of 2020.
“The continued growth we are experiencing is evidence of the strong consumer demand in the CBD market,” said Hoggan.
“While eCommerce demand is generally weakest in January and February, we continue to demonstrate our leadership through achieving approximately C$5,874,000 in revenue through the first two months of the year,” he added.
The company said the revenue figures, expenses and margin numbers generated from the sale of First Class CBD products haven’t been audited, and are based on calculations prepared by management.
Mota Ventures, based in Vancouver, aims to become 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.
Contact the author Uttara Choudhury at [email protected]
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