12:43 PM EST - Plus Products Inc. : Released its unaudited financial and operational results for the three and six months ended June 30, 2019. Revenues climbed to $3.6 million in Q2 2019, representing a 125% year-over-year growth over Q2 2018 revenues of $1.6 million. Gross margins have improved to $0.7 million, or 20%, in Q2 2019, compared with $0.2 million, or 14%, in Q2 2018. The Company’s cash balance rose to $34.1 million at June 30, 2019, up from $22.4 million as at December 31, 2018. The Company raised $23.68M from the sale of convertible debentures and as a result of warrant exercises in the first six months of 2019. "Our high product standards, growing brand recognition and the launch of our new line of mints drove strong demand for our products this quarter, cementing our position as a top selling cannabis brand in California," said Jake Heimark, co-founder & Chief Executive Officer of the Company. For the 5th consecutive quarter, PLUS "Uplift" was the #1 best-selling cannabis product in California in dollars sold, according to data from BDS Analytics. Plus Products Inc.
shares PLUS:CNX are trading off 13 cents at $4.01.
