Cannabis company Harvest One (CVE: HVT) has recorded an increase in revenue for the 2019-20 financial year, delivering good news to Australians with shares in cannabis investment company MMJ Group.
MMJ Group (ASX: MMJ) currently owns a 26% share in Harvest One, which is an international cannabis company operating out of Canada. Although cannabis was deemed an essential service during the pandemic, the company was hit by supply chain issues as a result of lockdown measures.
Despite this, Harvest One recorded a 35% increase in net revenue for the 2019-20 financial year, bringing in $8,384,000 CAD. In a statement released by the company, Harvest One’s president and interim CEO, Gord Davey, wrote:
We are encouraged by modest revenue growth in our consumer goods divisions in the fourth quarter in spite of COVID.
Harvest One’s Satipharm products are their only product in the Australian market, with more products possible in the coming years.
MMJ Group currently holds investments in WeedMe, WeedMD, Embark, Southern Cannabis Holdings and a range of other cannabis companies.
