Calyx Bio-Ventures (CYX.V) celebrated a productive 2016 when the company provided an on-going update on its efforts within the indoor agricultural sector yesterday.
Highlights from the release included generating approximately $100,000 in revenue for the 12 months ending December 31, 2016 – an increase of several hundred percent from the same period in 2015.
The company also acquired a new software platform to integrate with and provide additional functionality to Calyx’s existing compliance and collaboration platform.
The release also mentioned that from current growth rates suggested positive monthly cash flow by the end of 2017.
Also, during 2016 Calyx was able to raise a total of $650,000 through equity financing.
As well, there has been a dramatic shift in public policy with eight states, representing 22% of the total population of the United States, voting to regulate the production and sale of cannabis.
This move has availed the markets of an additional potential 10 million regular cannabis users to the company’s subsidiary, LEAFHub.
Company President and CEO, Roger Forde, commented, “We are very pleased with the recent achievements and growth trajectory that Calyx is currently experiencing. We are in the midst of an exciting stage in this rapidly expanding industry, with new regulations and studies making cannabis more widely accepted than ever before.”
He then summed up, “Calyx is confident that it is ideally positioned to leverage the numerous opportunities within the expanding legal cannabis market. We are committed to executing on our strategy, adding users and features to our best-in-class technology platform to drive adoption and take a leading position in the sector.”
For those interested in reading the Calyx’s letter to its shareholders, it is available through the following link: http://calyxbio.com/wp-content/uploads/2017/01/Calyx-Chairmans-Letter-v.2-2017-01-30.pdf
FULL DISCLOSURE: Calyx Bio-Ventures is an EQUITY.GURU client.