- Lotus Ventures (J) has announced its financial results for the 2021 fiscal year, which ended August 31
- 2021 marked the company’s second consecutive year of profit after starting its business in 2019
- Lotus now operates in nine provinces, and plans on expanding its product portfolio in the coming year
- Lotus Ventures is a licensed cannabis producer and the owner of Lotus Cannabis Co., a premium consumer brand in Canada
- Shares in Lotus Ventures Inc. (J) are up 10.0 per cent, trading at $0.11 per share
Lotus Ventures (J) has announced its financial results for the 2021 fiscal year, which ended August 31.
2021 marked the company’s second consecutive year of profit, with increased revenue, positive EBITDA and net income, and a 45 per cent gross margin.
Revenue increased to $5.4 million, up 18 per cent compared to the previous year.
“Our Fiscal 2021 was a year of modest growth,” said Lotus president and CEO Dale McClanaghan, “as we sold over 2 million grams of cannabis and reached the milestone of $10 million in sales since we first started two years ago.”
Since opening in Canada, Lotus has reached consumers in nine provinces and sold its cannabis flower in both the premium and ultra-premium segments of the market.
The company reported a net income of $241,097 for the year which, although lower than the $1.49 million recorded in 2020, is a significant increase compared to its initial year of operations in 2019 with a net loss of nearly $3 million.
“Lotus’ continued growth this year demonstrates our operating strength and resilience, and it couldn’t be done without the commitment from our whole team,” said Mr. McClanaghan.
“Fueled by our expansion growth in the North Okanagan,” he added, “we are excited to invest in additional growing capacity to expand our premium cannabis portfolio and supply more unique and premium strains like our Kalifornia in the new year.”
The company is now in the final stages of securing non-dilutive financing with an institutional lender for phase 2 of its Controlled Environment Agriculture facility located near Armstrong, British Columbia.
Lotus Ventures is a licensed cannabis producer and the owner of Lotus Cannabis Co., a premium consumer brand in Canada.
Shares in Lotus Ventures Inc. (J) are up 10.0 per cent, trading at $0.11 per share as of 10:30 am EST.