ECS Botanics Holdings Ltd (ECS), an Australian medicinal cannabis cultivator and manufacturer, has reported record sales for the quarter ending 31 Dec 2023.
The company achieved a revenue of $7.3 million, marking a substantial 78% increase from the prior corresponding period.
The growth was attributed to increased sales of oils and flowers from existing customers, as well as the addition of two new key customers to ECS' client base.
Additionally, ECS expanded its cultivation area by 60%, with new fields and a dedicated section for CBD biomass.
This expansion is expected to significantly increase annual production capacity and reduce operating costs.
The company also undertook an R&D project resulting in an investment in additional heating and lighting for four Protective Cropping Enclosures to help double the yield in these areas.
ECS had a positive operating cash flow of $321,000 and a cash balance of $2.6 million.
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