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Liberty Health Sciences Inc. (CSE:LHS) (OTC:LHSIF) reported Thursday consolidated second-quarter net sales of CA$10.63 million ($8.1 million) versus CA$2.22 million one year ago.
The company posted quarterly net income of CA$22.89 million, compared to a net loss of CA$5.61 million for the corresponding period in 2018.
At the end of August, Liberty said it held CA$23.88 million of cash and term deposits.
Liberty Health’s impressive revenue growth came thanks to new dispensaries and delivery locations and an increase in same-store sales volume, according to the company.
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"The second quarter of fiscal year 2020 proved to be the largest sales revenue quarter in the history of our company," Victor Mancebo, Liberty's interim CEO, said in a statement.
"Liberty's continued growth directly ties to the strategic initiatives we have set in place, which has been increasing our Florida production, retail base and delivery footprint along with expanding our product portfolio and brand partnerships. We continue to work on numerous marketing strategies that will complement our expansion plans and simultaneously provide our patients a more educational, personalized and accessible experience."
The stock was rallying by 20.85% to 36 cents at the time of publication.
