For its first quarter ended March 31, 2020, the Vancouver-based vertically integrated CBD and psychedelic medicine company, posted unaudited revenue of C$7.65 million.
Corp () (OTCPINK:PEMTF) CEO Ryan Hoggan said Wednesday that despite the “unprecedented uncertainties” thrown up by the coronavirus pandemic, the company achieved first-quarter business and financial targets in line with expectations.
"In the midst of evolving challenges resulting from the global coronavirus outbreak, the company realigned priorities to focus on the health and safety of our employees, customers and suppliers. The way our team adapted and performed was exceptional,” Hoggan said in a statement accompanying the group's latest numbers.
“Despite the unprecedented uncertainties resulting from the coronavirus, our operations and supply chains performed without interruption, and the company achieved targets in line with expectations. In order to capitalize on the global market, we recognize the need to be flexible and proactive in addressing market trends," he added.
READ: Mota Ventures moving fast to become top CBD and psychedelic medicine player
The boss said that for the second quarter the company’s objectives are to “yield increased revenues” and “higher gross margins.”
“Due to the initial cost of customer acquisition, transitioning more customers into our monthly subscription will significantly increase margins," Hoggan noted.
For its first quarter ended March 31, 2020, the Vancouver-based vertically integrated CBD and psychedelic medicine company, posted unaudited consolidated revenue of C$7.65 million.
The company which has operations in North America and South America as well as Europe, said the cost of goods sold was C$7.05 million, resulting in gross profits of C$605,150.
Operating and other operating expenses for the three month period totaled C$5.24 million. Meanwhile, the company raised C$1.72 million through share subscriptions by issuing units at C$0.28 and receiving C$309,000 in proceeds from the exercise of warrants. Mota ended the first quarter with C$2.1 million in cash.
During the quarter, Mota acquired online CBD product distributor Nature's Exclusive from Unified Funding LLC. It also finalized dealso with Sativida OU (Estonia) and it's subsidiary, VIDA BCN Labs to acquire Sativida in stages.
Mota also created a joint venture with BevCanna Enterprises Inc () () to distribute BevCanna’s hemp-derived CBD infused drinks in the European market.
Mota runs the popular Nature’s Exclusive brand that includes CBD oil drops, CBD gummies, CBD pain relief cream, CDB skin serum and CBD coffee. The CBD oil is distilled from US-grown hemp with the end products sold in the US and Europe.
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