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Plus Products Inc. (OTCQX: PLPRF) announced its Q1 2021 financial results, reporting $2.5M in net revenues, affected by a new revenue recognition policy. Gross profits reached $1.0M with a gross profit margin of 41%, up from 35% in Q1 2020. Operating losses increased to $(2.4)M, though improved from Q4 2020. The company also appointed Tessa O'Dowd as CFO, succeeding Nathan Pearson. Plus Products entered an exclusive sales agreement in the UK and partnered with CannRx Biosciences to enhance product offerings.
Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) will announce its financial results for the quarter ending March 31, 2021, on May 28, 2021, after market close. A conference call and webcast will be held the same day at 5:00 PM ET to discuss the results and corporate highlights. Interested parties can join by dialing toll-free or accessing the webcast online.
Plus, a cannabis and hemp food company based in San Mateo, CA, aims to make cannabis safe and approachable through its quality products.
Plus Products Inc. (OTCQX: PLPRF) announced that its amended debentures have been approved for listing on the Canadian Securities Exchange (CSE), with trading set to resume on April 28, 2021, under the symbol “PLUS.DB.A.” This follows a previous press release dated February 25, 2021. PLUS focuses on cannabis and hemp products aimed at delivering consistent consumer experiences while making cannabis safe and approachable. The company is based in San Mateo, California.
Plus Products Inc. (OTCQX: PLPRF) has launched its PLUS Hash Gummies in collaboration with Biscotti Brands, available for a limited time in California. Infused with cold water hash from the MAC strain, each gummy contains 10mg of THC and features an orange blossom flavor.
To celebrate, a virtual launch event is set for April 18, featuring a cooking demonstration and Q&A session. The gummies can be purchased at select dispensaries and online. PLUS aims to provide a premium cannabis experience, emphasizing quality and consistency in its products.
Plus Products Inc. (OTCQX: PLPRF) reported significant growth in its 2020 financial results. Gross profits surged 104% to $5.6 million, with a gross profit margin of 35%.
Net revenues reached $15.9 million, up 15% year-over-year, despite a lower-than-expected Q4 revenue of $3.1 million. The company also improved operating losses to $(8.3 million), a 67% reduction from 2019. Cash and equivalents stood at $11.6 million. Plus launched several new brands in 2020, expanding its product range.
Plus Products Inc. (OTCQX: PLPRF) has successfully converted CAD$4,990,000 of 12.00% secured debentures due February 28, 2024 into 5,252,631 Subordinate Voting Shares at a conversion price of CAD$0.95 per share. Accrued interest of CAD$118,096.66 was also paid. Despite this conversion, CAD$20,005,000 in debentures remain outstanding. The company focuses on cannabis and hemp-branded products and aims to ensure safe, high-quality consumer experiences.
Plus Products Inc. (OTCQX: PLPRF) partners with Eaze Technologies to introduce a limited-edition cannabis gummy, the CIRCLES x PLUS Pink Lemonade gummy, containing 5mg THC. This collaboration aims to leverage PLUS’s reputation for high-quality edibles, with PLUS being the top-selling edibles brand on Eaze for three years. Eaze, a leading cannabis delivery marketplace in California, has achieved over 7 million deliveries. The product is now available at licensed retailers in California and online.
Plus Products Inc. (OTCQX: PLPRF) announced the departure of Jennifer Tung as Chief Risk Officer and General Counsel, effective April 15, 2021. Tung, who joined PLUS in September 2018, played a crucial role in navigating the regulatory landscape of the cannabis industry and was integral during the company's IPO. She will continue her association with PLUS as a special advisor to the Board of Directors. CEO Jake Heimark praised her contributions and expressed optimism for the company's future in the evolving cannabis market.
Plus Products Inc. has announced that holders of its 8.00% unsecured convertible debentures have approved proposed amendments, allowing changes to the debenture's terms. The maturity date will extend to February 28, 2024, and the coupon rate will rise to 12.00% effective immediately. Amendments include granting a first charge security interest and a conversion right for holders to convert up to CAD$6,250,000 of the debentures at a price of CAD$0.95. Additionally, the company will delist existing debentures from the Canadian Securities Exchange.
Plus Products Inc. (CSE: PLUS, OTCQX: PLPRF) announced a strategic shift on February 16, 2021, to enhance its sales operations in the California adult-use cannabis market. The company will expand its sales team by over 50% and transition to a self-service distribution model, internalizing account management. This change aims to improve customer interactions and broaden product distribution. A self-service distribution partner will enable PLUS to manage order fulfillment efficiently, reaching 99% of California's licensed retailers.
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