Shares of cannabis provider, Liberty Health Sciences Inc. (CSE:LHS) (OTCQX:LHSIF) powered higher today as the company announced that they experienced a 95% increase in sales revenue in the three-month period ended August 31, compared to the previous three-month period which ended May 31.
Liberty's recent quarterly revenue totalled $2.2 million compared to $1.1 million for the previous quarter, a 95% increase. The corresponding patient count increased to almost 10,000 patients at the end of August from 4,600 at the end of May, a 112% increase over this time period.
Further adding to the revenue growth is the expanding footprint in the state. The Company operates four dispensaries currently as well as six delivery hubs. Liberty has also signed seven new leases for dispensaries that are at various stages of permitting and construction.
These new locations are expected to be opened by the end of February 2019, subject to the receipt of necessary approvals from the Florida Department of Health. The recently announced expansion of its one-day delivery services and the 24-hour or less turnaround throughout the entire state of Florida has also had a favorable impact on patient and revenue growth.
Shareholders are cheering today’s news announcement by sending shares of LHSIF up 5.82% to $0.7513 in late-afternoon trading as pot stocks continue to see how investor demand as the budding industry continues to see rapid growth, as was clearly shown with Liberty Health’s numbers.
While valuations for cannabis companies may seem stretched for many investors, the potential for weed down the road in multiple industries such as alcohol, consumer products, health-care etc. continues to remind investors that the industry is just in its infancy and the size of it in the future is not yet quantifiable.
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