The pot industry is rocking Wednesday, with news that Florida-based Exactus Inc. (OTC:EXDI) announced two major supply agreements following a better than anticipated harvest.
Exactus has a 200-acre CBD-rich Hemp farm in Southwest Oregon, said last week that its 2019 harvest was surpassing expectations due to improved growing conditions, and now expects to produce 30,000 lbs of flower product compared to the 20,000 lbs it had originally expected.
In October, Exactus acquired an additional 49.9% interest in the 2019 harvest, which should provide extra supply to be monetized in the fourth quarter. Exactus stock has gained nearly 300% in 2019 since transitioning to hemp.
President Emiliano Aloi told shareholders that the company has over $750,000 worth of orders to date.
"This strong momentum is anticipated to continue into 2020 as we build out the product lines under our brands and execute on our current harvest."
The company posted its Q3 results last month, in which revenue came in at $60,000, down from $140,000 in the same period last year. Aloi cautioned holders of Exactus stock on those results, saying they were incomparable to last year as those results were before the hemp switch.
Shares jumped five cents, or 9.3%, to 59 cents, on 28,000 shares
