The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Are you going to be that lazy justincase? Are you a new version of an existing poster? Are we going to play copy and paste ping pong? Do you have a life??
· Revenue of £1.15 million in H1 2019 (H1 2018: £0.52 million)
· 67 stores in the US now stocking Zoetic and Chill products
· Distribution agreement signed with Mr. Checkout with an initial supply to 15 distributors across the US (Mr. Checkout manages 13 industry associations with over 150,000 independent retail members)
· Expansion of Zoetic UK product lines into cosmetics before the end of the year
· First feminised hemp seed production likely to before the end of 2019 with initial sales in the first quarter of 2020
· Outdoor harvest underway
· Cash balance of £1.0 million as at 30 September 2019
· Process to obtain refund of US$360,000 performance bonds underway - US$60,000 received to date and not less than US$140,000 expected by the end of 2019
· Discussions with several parties on sale of oil & gas assets
· Buy-back of 950,000 of the Company's ordinary shares from Diversion along with payment of $65,000 in cash by Diversion in part satisfaction of debt owed to the Company
Nick Tulloch, Chief Executive of Zoetic International, said:
"The first half of this financial year saw a number of significant developments for the Company. From a standing start, we have established a vertically integrated CBD business with sales on both sides of the Atlantic and growing relationships with significant distribution partners. Our focus in these past few months has been to establish these relationships. For the remainder of the year we can look forward to advancing sales with our partners.
"Moving into 2020, we also anticipate first sales of our feminised seeds. This has been a complex process, but early signs are that the team's efforts are bearing success. As we expand the techniques we have been developing, we have every reason to believe that we have the capability to become a trusted supplier of significant volumes of feminised seeds on a monthly basis.
"Following our decision to exit natural resources, we have worked diligently to identify how best to realise the value in this side of our business. We will not rush into any quick or ill-advised sale, but we will develop in the coming months a series of opportunities to realise cash from these assets and reinvest in enhancing our CBD business.
"In the meantime, we have reduced our overheads such that our current cash balance, refunded performance bonds and projected revenues from East Denver and our CBD operations are capable of supporting the Company.
"Zoetic International is a very different company to the one that started the year, culturally and operationally. The team have embraced the changes we have implemented, morale is high and we are all focused on delivering results for our shareholders. I look forward to providing further