The Elixinol Global Ltd (ASX: EXL) share price has been a star performer over the past year and it’s also in the formerly hot ASX pot stock or medical marijuana space.
What’s more exciting for investors is that thIS pot stock is actually bringing in some reasonable revenues at strong growth rates.
As well as selling hemp-based dietary supplements online it also has a skincare products business and a subsidiary named Hemp Foods Australia that is a wholesaler, retailer, manufacturer and exporter of hemp foods and products.
It’s other business is in the “hot” medical marijuana space under the banner of Elixinol Australia, which has submitted applications for medical cannabis cultivation and manufacturing licenses to the drugs regulator in Australia.
For the quarter ending September 30 2018 the retailer posted revenue of $10.4 million, which represents growth of 159% on the prior corresponding quarter and growth of 27% on the prior quarter.
However, it still posted a net cash outflow of $3.5 million for the quarter on the back of $11.8 million in payments to employees and suppliers among other costs and capital investments.
On October 3 2018 it raised $37.3 million and now looks well funded to pursue its growth plans in the hemp-based foods and medical marijuana space.
Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.