THC Global Hydroponic Equipment Operations Update
Sydney, April 17, 2019 AEST (ABN Newswire) - THC Global Group Limited (THC Global or the Company) (
ASX:THC) (9TH:FRA) (HDRPF:OTCMKTS) is pleased to provide an update on Crystal Mountain, the Company's hydroponics equipment division based in Canada.
Key Points:
- Global distribution agreements to increase market reach - UK and Europe
- Strong sales in lighting and lighting equipment
- Crystal Mountain revenue growth continues - $991k - 22% increase on last quarter
Crystal Mountain has been in the process of securing distribution agreements both within Canada and has expanded into Europe and the United Kingdom. As these distribution agreements are settled and products come on sale, the Company expects to see stronger sales in these regions.
Crystal Mountain has also expanded its product range through distributing new products imported from partners across Canada, and soon internationally. The Company is also exploring new sales channels including online cannabis-focussed offerings targeted to the micro-cultivator market, which is rapidly increasing in Canada.
Crystal Mountain's unaudited revenue for the March quarter was A$991,000 (annualised A$3.964 million), an increase of 22% over the December quarter. This increase has been partly driven through stronger sales in the Company's lighting and lighting equipment product ranges.
Chief Executive Officer, Ken Charteris commented "We are pleased to see our hydroponics equipment division continue to grow, particularly through our partnership strategy as we are able to both expand our product offering and broaden our market reach - both of which are core drivers of revenue growth".
About THC Global Group Limited
THC Global Group Limited (ASX:THC) (OTCMKTS:HDRPF) (FRA:9TH) operates under a 'Farm to Pharma' pharmaceutical model, now holding all three key cannabis licences being a Cannabis Research Licence, a Medicinal Cannabis Licence (Cultivation), and a Manufacture Licence through its domestic medicinal cannabis subsidiaries THC Pharma and Canndeo. THC Global has secured a significant cannabis growing capacity over multiple cultivation projects and owns a pharmaceuticals bio-manufacturing facility with attached testing and product development laboratory. THC Global is in prime position to commence medicinal cannabis production to service both domestic patients and the global export market. THC Global is active globally with operations in Australia, New Zealand, and Canada and partnerships across Europe, Asia, and the Middle East. In addition to its core Australian medicinal cannabis assets, THC Global has a significant Canadian presence – both in cannabis and in hydroponics equipment. THC Global's Canadian cannabis operation, Vertical Canna, holds property in Nova Scotia, Canada being developed into a large scale cannabis production site. THC Global's hydroponics equipment division, Crystal Mountain, is a revenue generating manufacturer, wholesaler, and retailer of hydroponic equipment and supplies.
| ||
|
