On Nov. 21, 2016, Kaya Holdings (OTCQB:KAYS), whose subsidiary Kaya Shack opened its first cannabis dispensary in Portland, Oregon, in 2014, announced that it had filed its third quarterly report of 2016, reporting a 700% year-over-year revenue increase.
“KAYS’ revenues for Q-3 2016 are up approximately 700% versus Q-3 2015, and revenues for the 9 month period ending September 30, 2016 are up approximately 700% versus same period ending Sept 30, 2015,” said Craig Frank, CEO of Kaya Holdings. “We are maintaining the $1mm pace in sales for FYE 2016 to set as our target. We are proud that all our revenues are generated from the production and sale of legal cannabis, and not from tomato farming, consulting, or other non-cannabis related endeavors often used to bolster revenues.”
To put some of the revenue percentages into context, KAYS logged $263,435 in revenue for the third quarter of 2016, as compared to $32,765 for the third quarter of 2016. KAYS attributed the increase to Oregon’s early start of legal recreational sales on Oct. 1, 2015, and revenue generated from the opening of its second retail dispensary, in Salem, Oregon, in October 2015.
Here are some additional key numbers from the company’s latest quarterly report, for the three months ended Sept. 30, 2016:
- Cash and equivalents – $41,144
- Revenue – $263,435
- Total current assets – $105, 386
- Total current liabilities – $2,923,058
- Quarterly net loss – $1,122,694
KAYS opened at $0.085 today and closed at $0.084, with above average trading volume at 1.09 million. Looking ahead, according to Kaya Holdings, the company has plans to open two additional dispensaries in Oregon by early 2017 and recently hired cannabis business lawyer David Kotler to spearhead pending national expansion.