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Cannabis Producer Lotus Ventures Achieves Profitability

Lotus Ventures Inc. (CSE: J) (FRA: LV9) (OTC: LTTSF) announced Wednesday its financial results for the first half of its fiscal year.

Benzinga · 05/06/2020 21:06

Lotus Ventures Inc. (CSE: J) (FRA: LV9) (OTC: LTTSF) announced Wednesday its financial results for the first half of its fiscal year.

The company, a Canada-based cannabis producer located in the Okanagan Valley, B.C, posted revenue of more than $1.071 million for the period ending Feb. 29, 2020.

Lotus Ventures is a craft grower at scale with a $12 million indoor purpose-built facility to produce premium cannabis.

Lotus Ventures’ management also provided some operational updates. The team said the company is currently producing at $1.16/gram, has established wholesale relationships with three licensed producers, and anticipates strong financial results in subsequent quarters.

“We’ve always believed in our production team, our facility’s design and the quality of our product. Now that we have a better proof of concept, we feel very confident with our story moving forward," investor relations lead Daniel McRobert told Benzinga.