Indus Holdings, Inc. Reports Record Revenue in the Second Quarter 2019 Financial Results
Cannabis leader reports revenue of $9.7 million, representing 183% revenue growth year-over-year
SALINAS, Calif., Aug. 21, 2019 (GLOBE NEWSWIRE) -- Indus Holdings, Inc. ("Indus") (CSE:INDS), a leading, vertically integrated cannabis company, today announced its financial results for the fiscal second quarter ending June 30, 2019.
Second Quarter Financial and Business Highlights
- Generated second quarter record revenue of $9.7 million, 183% year-over-year and 51% sequential growth
- Added 87 new dispensaries during the quarter
- Announced acquisitions of CBD brands Shredibles and Humble Flower Co.
- Entered Nevada and Oregon markets through its pending acquisition of W Vapes, a licensed multi-state manufacturer and distributor of cannabis products
- Completed the renovation of its state-of-the-art 15,000 square foot distribution center in Salinas, Calif.
“I am proud of our team’s results and the successes that we demonstrated in the second quarter,” said Indus Holdings, Inc. Co-Founder and Chief Executive Officer Robert Weakley. “During the quarter, we continued to execute on the four pillars of our strategy by investing in our portfolio of brands, expanding our distribution, entering new markets through acquisitions, and producing the highest quality products.”
“I believe we are uniquely positioned in our markets,” Weakley continued. “The infrastructure that we built over the last few years will give us the capacity to expand within the California market, and we plan to replicate our success in the Nevada and Oregon markets and beyond. I believe we have the management team and infrastructure to execute on our plan and to position ourselves as a leader in the markets we enter with our portfolio of brands.”
Fiscal Second 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, Inc. 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 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.