Zoetic International (LON:ZOE), the London-listed vertically integrated CBD and natural resources company, has today presented its interim results for the six months ended 30 September 2019.
· Revenue of £1.15 million in H1 2019 (H1 2018: £0.52 million)
· 89 stores in the US now stocking Zoetic and Chill products
· Mr. Checkout trial underway
· Greater advertising of Zoetic with the brand appearing in EasyJet’s magazine in Q1 next year
· 25 product lines across Zoetic and Chill brands
· Feminised seed production remains on track for the 2020 growing season
· Natural resources division trading profitably
Nick Tulloch, Chief Executive of Zoetic, said:
“Our interim results and our achievements during the remainder of 2019 have positioned us as the only vertically integrated CBD company listed on the London Stock Exchange. To that, we added trading on the OTC in New York in November. Our task now is to deliver on the business lines we have created.
“In a short time, we have established the popularity of Chill in the US, especially the chew pouches. We take nothing for granted but it appears for the time being that our limitation is not on customer demand but rather our own supply. As we work towards securing a significant increase in our manufacturing capabilities, we are optimistic about potential future sales.
“In the UK, our Zoetic brand has launched 15 product lines since August and, with the launch of CBD gummies in the UK, a further four coming under the Chill brand. Our range of products now gives us far greater scope to engage with retailers in the UK and Europe and that is our immediate focus.
“In the meantime, following a radical restructuring, our natural resources division is now profitable and therefore a valuable support to our developing CBD operations. We continue to assess interest from prospective buyers but the urgency to dispose of this division has now abated and so we will ensure a compelling price is paid before sanctioning any sale.
“We have a great deal of work to do but the efforts from the entire Zoetic team this year have presented us with a platform from which we have every opportunity to develop our revenue streams and, from there, profitable growth.”