Zoetic revenues more than double

Cannabidiol (CBD) and natural resources company Zoetic International saw interim revenues more than double in the six months ended 30 September following a number of significant developments for the group.

Zoetic's first-half revenues were 121% higher year-on-year at £1.15m as the group formerly known as Highlands Natural Resources expanded its products into 67 stores across the US.

The London-listed firm reduced its overheads during the period and said its current cash balance of £1m, refunded performance bonds and projected revenues from East Denver and its CBD operations were capable of supporting the company.

First feminised hemp seed production, aimed at producing female cannabis plants, was slated to take place before the end of 2019, with initial sales in the first quarter of 2020.

"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," said chief executive Nick Tulloch.

Zoetic also revealed it was currently working on a "series of opportunities" to sell its remaining natural resource assets, with the proceeds of the sales set to be poured back into its CBD operations.

As of 0850 BST, Zoetic shares had shot up 27.75% to 4.69p.