THE WHAT? Yooma Wellness has reported revenue of US$2.1 million for the three months ending September 30, with a gross profit of US$560,107.
THE DETAILS Citing ‘significant’ growth’, in Q3 the wellness platform completed the acquisition of Vitality CBD, a distributer of CBD products for the cosmetics and wellness markets, as well as the buy-out of Big Swig, a US-based specialty drinks business.
Other operational milestones in the quarter included the launch of MYO Plant Nutrition CBD products onto Amazon UK, the relaunch of Blossom CBD skincare brand, and the Greenleaf launch of hemp protein brand, What the Hemp!
THE WHY? Lorne Abony, Chairman, highlighted the company’s success in the global CBD and wellness space.
He stated, “Yooma’s success in the third quarter solidly-positions the Company in the global CBD and wellness space. Based on actual revenue achieved in the third quarter of US$2.1 million, with only partial revenue contribution so far from key strategic acquisitions acquired during the quarter and subsequent to quarter-end, we believe that Yooma is significantly undervalued compared to its public competitors.”
Looking forward, the company is forecasting Q4 revenue in excess of US$5.0 million, or a US$20.3 million annualized run rate.