California Gold Mining (OTCQX:CFGMF) has generated $248.5K in the sale of its first tranche of CBD isolate produced from its wholly-owned hemp biomass with a gross margin of 30%.
Total 71kg of CBD isolate was sold in the first tranche at a price of $3,500/kg. The company’s current inventory of bulk hemp-CBD products equates to over 1,250kg of CBD isolate.
“What makes today’s announcement an even more impressive achievement is that the Company was able to generate a Gross Margin of 30% on this first sale despite the devastating price compression that the US hemp-CBD industry has been reeling from since last December,” says president and CEO Vishal Gupta.
The management expects to complete the sale of a second tranche of CBD isolate in the next 15 days.