Indus Holdings, Inc. Reports Record Revenue in the First Quarter 2019 Financial Results
Indus reports revenue of $6.4 million, representing 180% revenue growth year over year
SALINAS, Calif., May 29, 2019 (GLOBE NEWSWIRE) — Indus Holdings, Inc. (“Indus”) (CSE:INDS), a leading, vertically integrated cannabis company, today announced its first financial results as a public company for the fiscal first quarter ending March 31, 2019.
First Quarter and Subsequent Highlights
- First quarter record revenue of $6.4 million with a 180% year-over-year growth
- Gross margin grew to 21% compared to 11% prior year first quarter and 10% in Q4 2018
- Completed a reverse takeover of a Canadian public company and began trading on the Canadian Securities under the symbol INDS, providing Indus with approximately $40 million through a private placement
- Market penetration rate exceeded 84% of licensed California dispensaries
- Announced its acquisition of Humble Flower Co., a California-based, female-founded maker of cannabis-infused topical creams and oils
- Entered Nevada and Oregon markets through its pending acquisition of W Vapes, a licensed multi-state manufacturer and distributor of cannabis products
As consumer awareness and demand grows, for a company to be successful, it has to be strategic and adaptable with the capacity to scale up. We will selectively grow in a disciplined manner with smart and very accretive deals with an eye to high return – adding strategic and like-minded partners as we position ourselves as a multi-state operator.
Robert Weakley, co-founder and chief executive officer of Indus Holdings, Inc.
Our strategy for 2019 is to effectively leverage our current position to drive strong top line sales and EBITDA growth during this exciting juncture for Indus.
Financial statements, prepared in accordance with International Financial Reporting Standards (“IFRS”), and management’s discussion and analysis for the period are available on Indus’ SEDAR profile at sedar.com. All figures are reported in U.S. dollars, unless otherwise indicated.
Fiscal First Quarter 2019 Earnings Call Details
Indus plans to host a conference call with management today at 5:00 p.m. ET. The call can be accessed using the following dial-in information:
U.S and Canadian Toll-free: +1 877-407-0789
International: +1 201-689-8562
Please dial-in at least 15 minutes before the call to register.
To be added to the Indus Holdings email distribution list, please email ir@indusholdingco.com with Indus in the subject line.
About Indus Holdings, Inc.
Indus Holdings, Inc. (CSE:INDS) is a vertically-integrated cannabis company with advanced production capabilities, including cultivation, extraction, manufacturing, brand sales & marketing, and distribution. Founded in 2014 by hospitality veteran Robert Weakley and based in Salinas, California, Indus offers services supporting every step of the supply chain and an extensive portfolio of award-winning brands, including House Weed, The Original Pot Co., MOON, Acme, Beboe, Dixie Elixirs & Edibles, and Orchid Essentials. Indus Distribution, a division of Indus Holdings, Inc., is a leading distributor of cannabis products, servicing an extensive portfolio of brands and licensed retailers.
Original press release