Invictus MD Strategies (
CSE: IMH,
Forum) proudly announced today that Future Harvest Development, of which Invictus owns 60%, had pushed quarterly sales to record levels with a 75% increase to $1.1 million compared to sales of $615,000 reported in the matching 2014 quarter.
According to the
news release, Future Harvest also generated $603,000 in gross revenue during the month of October, up 22% over October 2014. The release also stated that the company is on track to generate the targeted sales goal of $6-7 million for the current year.
VP Sales and Marketing for Future Harvest, Mike Blady, commented, “We are excited and looking forward to the future. The lawn and garden industry continues to see steady year over year growth. The hydroponic industry is poised for explosive growth in North America with recent legislative reform and the commercial and residential urban farming movement is blossoming as consumers demand access to fresh healthy produce.”
He went on to explain, “Future harvest is actively selling into these markets and will continue to execute on its business strategy. Typically our sales are cyclical in our industry, with the slowest sales period being in our fiscal first quarter. The significant increase in sales, especially during our historically slowest quarter, demonstrates the growth potential within this fragmented industry. Based on sales to date, we are on track to achieving our gross sales target of $6-7 million for the current fiscal year.”
In other news, Invictus expects to complete its approved spin-out of its interest in Future Harvest by Spring 2016. Invictus intends to increase its stake in Future Harvest from 60% to 75% before the aforementioned spin out takes place.
Invictus President and CEO, Dan Kriznic, stated, “In order to provide the most value to our shareholders, our primary focus moving forward will be executing on our initial launch of the Edison Vape products and deploying our roll-up strategy within Future Harvest while continuing to grow sales. The industries in which both Edison and Future Harvest operate have seen explosive growth, and in order to capitalize on this we will continue to aggressively execute on our strategy.”
Invictus MD Strategies made headlines recently
when the company announced its plans to spin out its Future Harvest asset almost a week ago.
Currently there are 37.5m outstanding shares with a market cap of $3.0 million.
FULL DISCLOSURE: Invictus MD Strategies is a Stockhouse Publishing client.