Plus Products (PLUS.C) is one of the leading edibles manufacturers in California.
The company’s product range includes a wide variety of edibles infused with cannabis, which are sold in the regulated markets offering cannabis for both medical and recreational uses.
Plus Products prides itself in having several top selling products on the market shelves in the Golden State.
The company’s stated mission is to make marijuana both accessible and safe, and is committed to manufacturing the highest quality products.
With its dedicated customer focus, Plus Products has emerged as one of the fastest growing brands in the cannabis-infused edibles market today. The financial results announced by the company for the third quarter of 2018 reveal its promising market prospects.
Financial Highlights of Q3, 2018
- Plus Products Inc. earned record revenues of $2.56 million in the third quarter of 2018 and this should continue because of lower taxes and a pro growth federal administration. This revenue figure represents a whopping 617% growth over the same period last year, and a 60% increase over the second quarter of 2018.
- As per the measurements reported by BDS Analytics, the retail sales of the company were valued at $8 million in Q3. This represents a 104% growth over Q2, 2018.
- The gross margin for Q3, 2018 was $0.38 million (15%), as against -$0.17m (-48%) during the same quarter in 2017 which would even make Saul Silver happy from Pineapple Express happy!
- The cash position remains strong at $11.1 million, as determined at the end of Q3 2018.
These figures represent the company’s financial position before the successful closing of its $20 million Initial Public Offering (IPO) on October 26, 2018.
Quarterly Business Highlights – Q3, 2018
- Plus Products Inc. announced the closure of Series B-3 Financing worth $10 million.
- As per the data provided by BDS Analytics, the company’s unit sales grew at 97% compared the previous quarter.
- The company improved its market position in retail sales value from #4 to #1 in the edibles segment.
- According to the BDS Analytics, Plus Blackberry, Lemon Gummies, and Plus Sour Watermelon Gummies were ranked #2 and #1 best-selling products respectively across all categories including vaporizers, flower, topical and edibles in the Q3 2018 retail sales data.
- Plus Products undertook strategic employee appointments underscoring diversity and strong leadership. These appointments include Jennifer Tung as the Chief Risk Officer, Tessa O’Dowd as the Controller, Shiaosen Williams-Sheng as the Director of Innovation, and Marshall Tyler as the Science Lab Coordinator.
- The company launched “HOLIDAY BLISS” as its fourth limited edition SKU launch in 2018.
- To cash in on the success of its limited edition SKU launch in April, the company launched “CREATE” as a permanent SKU. “CREATE” is a hybrid sour blueberry gummy.
A Different Kind of Firm
Jake Heimark, the Chief Executive Officer of Plus Products Inc., believes that their company differentiates itself from the competitors because 100% of their revenues are generated from the wholesale selling of edible marijuana branded products.
Heimark believes that achieving a leadership position in the cannabis edibles market is difficult, but they are committed to being the number one provider for the consumers, while creating long term value for the shareholders. Heimark now looks forward to expanding the company’s footprint beyond the struggling (leads the country in failed cities) Golden State in 2019.