True Leaf Brands Inc. (CSE: MJ) (OTC: TRLFF), a cannabis and hemp wellness brand for pets, reported first-quarter results Thursday that included revenue from global sales of CA$414,657 ($312,543) for the quarter and a total comprehensive loss of almost CA$2 million.
True Leaf reported a basic and diluted loss per share of CA$0.02.
During the quarter, True Leaf Brands said it obtained almost CA$1 million in proceeds via a warrant exercise; signed a first CBD supply agreement with Atalo Holdings, appointed former Mars Petcare executive Kevin Cole as the new president of True Leaf Pet; and broadened its European distribution footprint via agreements with OSCAR Pet Foods and Pocurull.
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The company also entered a supply and purchase agreement with popular online cannabis marketplace Namaste Technologies, and presented its new CBD supplements for dogs at SuperZoo 2019.
The supplements are set to hit retail stores Sept. 30.
True Leaf also appointed Petco executive Allen Fujimoto as senior vice president of operations.
“During Q1 2020, we completed a number of strategic initiatives, including transitioning to our re-branded True Leaf product line and filling two key executive roles in management and operations. These efforts supported our growing team and the launch of an expanded range of pet health products with a broader ‘plant-based’ focus,” True Leaf founder and CEO Darcy Bomford said in a statement.
The over-the-counter stock closed Thursday’s session higher by 3.75% at 21 cents.
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