Indus Holdings, Inc. Reports Record Revenue in the Second Quarter 2019 Financial Results
Cannabis leader reports revenue of $9.7 million, representing 183% revenue growth year-over-year
SALINAS, Calif., Aug. 21, 2019 (GLOBE NEWSWIRE) — Indus Holdings, Inc. (“Indus”) (CSE:INDS), a leading, vertically integrated cannabis company, today announced its financial results for the fiscal second quarter ending June 30, 2019.
Second Quarter Financial and Business Highlights
- Generated second quarter record revenue of $9.7 million, 183% year-over-year and 51% sequential growth
- Added 87 new dispensaries during the quarter
- Announced acquisitions of CBD brands Shredibles and Humble Flower Co.
- Entered Nevada and Oregon markets through its pending acquisition of W Vapes, a licensed multi-state manufacturer and distributor of cannabis products
- Completed the renovation of its state-of-the-art 15,000 square foot distribution center in Salinas, Calif.
I am proud of our team’s results and the successes that we demonstrated in the second quarter. During the quarter, we continued to execute on the four pillars of our strategy by investing in our portfolio of brands, expanding our distribution, entering new markets through acquisitions, and producing the highest quality products.
Indus Holdings, Inc. Co-Founder and Chief Executive Officer Robert Weakley
I believe we are uniquely positioned in our markets,” Weakley continued. “The infrastructure that we built over the last few years will give us the capacity to expand within the California market, and we plan to replicate our success in the Nevada and Oregon markets and beyond. I believe we have the management team and infrastructure to execute on our plan and to position ourselves as a leader in the markets we enter with our portfolio of brands.
Fiscal Second Quarter 2019 Earnings Call Details
Indus plans to host a conference call with management today at 5:00 p.m. ET. The call can be accessed using the following dial-in information:
U.S and Canadian Toll-free: +1 877-407-0789
International: +1 201-689-8562
Please dial-in at least 15 minutes before the call to register.
To be added to the Indus Holdings, Inc. email distribution list, please email email@example.com with Indus in the subject line.
About Indus Holdings, Inc.
Indus Holdings, Inc. (CSE:INDS) is a vertically-integrated cannabis company with advanced production capabilities, including cultivation, extraction, manufacturing, brand sales & marketing, and distribution. Founded in 2014 and based in Salinas, California, Indus offers services supporting every step of the supply chain and an extensive portfolio of award-winning brands, including House Weed, The Original Pot Co., MOON, Acme, Beboe, Dixie Elixirs & Edibles, and Orchid Essentials. Indus Distribution, a division of Indus Holdings, Inc., is a leading distributor of cannabis products, servicing an extensive portfolio of brands and licensed retailers.
Use of Non-IFRS Financial Information
To supplement the Company’s financial results presented in accordance with International Financial Reporting Standards (“IFRS”), Indus uses non-IFRS measures to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate the Company’s financial performance. These non-IFRS financial measures are adjusted EBITDA, adjusted gross profit, adjusted gross margin, and non-IFRS net earnings (loss). Management believes that these non-IFRS financial measures reflect the Company’s ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business, as they facilitate comparing financial results across accounting periods and to those of peer companies. Management also believes that these non-IFRS financial measures enable investors to evaluate the Company’s operating results and future prospects in the same manner as management. These non-IFRS financial measures may also exclude expenses and gains that may be unusual in nature, infrequent or not reflective of the Company’s ongoing operating results. Since these measures are not calculated in accordance with IFRS, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The tables below reconcile our results of operations in accordance with IFRS to the adjusted results mentioned above:
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