Medicinal cannabis company reports record revenue

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Australian medicinal cannabis, CBD and hemp healthcare products company, Bod Australia (ASX:BDA) has reported record revenue of $2.5 million for the quarter ending 30 June 2020.

The company said the figure represents over 40 per cent of its revenue for the financial year 2020 (FY2020).

“This is an exceptional result for Bod. In the last year, we have invested considerably in building our two core divisions and this hard work is now paying off. Revenue growth from the last two quarters clearly reflects this," said CEO Jo Patterson.

“Demand for our innovative products is now translating into sustainable revenue streams and we are confident that this will only increase as we generate more sales from existing products, introduce new products and enter new markets. As such, we anticipate with some confidence that revenue will continue to track up during FY2021 and beyond. Bod is very well-primed for growth.”

The company said its FY2020 could increase following the final calculation of royalty payments from Health and Happiness Group International Holdings Limited but they are not expected to be material.