Advanced Container Technologies - One of the Fastest Growing Companies in Cannabis Packaging Sector

Rhea-AI Summary

Advanced Container Technologies, Inc. (ACTX) reported a staggering 209% increase in year-over-year revenues, positioning itself favorably against competitors like Kushco and Greenlane. The global cannabis packaging market is projected to grow to USD 297.51 billion by 2026, with a CAGR of 22.59%. ACTX is focusing on maintaining low operating expenses, which CEO Douglas Heldoorn believes will facilitate continued rapid growth. The company provides a range of products for the cannabis industry, including packaging solutions and controlled environment cultivation systems.

Positive

• 209% year-over-year revenue increase.
• Strong positioning amid competitors with high operating expenses.
• Focus on maintaining low operating costs.

Negative

• None.

CORONA, Calif., Nov. 16, 2021 /PRNewswire/ -- Advanced Container Technologies, Inc (Ticker: ACTX), reported that its revenue gains have outperformed the market and the growth of its key competitors.

According to a new report, the Global Cannabis Packaging Market is expected to reach USD 297.51 billion by 2026, with a CAGR of 22.59%. The report states that cannabis packaging is "critical" due to the necessity of meeting various state's regulations and child-resistance requirements.

Major players in the sector include Kushco, Greenlane, and ACTX.

In recent filings, KushCo reported third-quarter 2021 revenue growth that equaled a 27% year-over-year increase.

Greenlane announced revenue growth of 7.1% for second-quarter 2021 and third-quarter revenue up 16% after completing a merger with KushCo.

ACTX announced its year-over-year revenues, which show a 209% increase over the prior period.

"We believe that we are in a stronger position than most of our competitors who are hampered by enormous operating expenses and dwindling growth rates," says Douglas Heldoorn, CEO of Advanced Container Technologies. "With our focus on remaining nimble and keeping costs and operating expenses as low as possible, we are in an excellent position to continue to grow rapidly outperform our competition in many key indicators."

ACTX was formed to provide vertically integrated solutions for the cannabis industry. The company provides a variety of products including a wide range of packaging options for virtually every type of cannabis and hemp product, branding solutions, controlled environment cultivation systems, lighting, nutrients, and a variety of other essential items.

For information, contact:

Advanced Container Technologies
(951) 381-2555
www.advancedcontainertechnologies.com.

Forward-Looking Statements
This release includes predictions or information considered "forward-looking" within securities laws. These statements represent Company's current judgments but are subject to uncertainties that could cause results to differ. Readers are cautioned to not place undue reliance on these statements, which reflect management's opinions only as of the date of this release. The Company is not obligated to revise any statements in light of new information or events.

View original content:https://www.prnewswire.com/news-releases/advanced-container-technologies---one-of-the-fastest-growing-companies-in-cannabis-packaging-sector-301425899.html

SOURCE Advanced Container Technologies, Inc.

FAQ

What was the revenue growth reported by ACTX?

ACTX reported a 209% increase in year-over-year revenues.

How does ACTX's revenue growth compare to competitors like Kushco?

ACTX outperformed competitors; Kushco reported a 27% year-over-year revenue growth.

What is the expected market size for cannabis packaging?

The global cannabis packaging market is projected to reach USD 297.51 billion by 2026.

What strategies is ACTX using to maintain growth?

ACTX is focusing on keeping operating expenses low to facilitate growth.

Who is the CEO of Advanced Container Technologies?

Douglas Heldoorn is the CEO of Advanced Container Technologies.