Voyager Life PLC (AQSE:VOY) said the coming weeks will see it open a second and third store in Scotland, build on its network of trade partners and relaunch its website to the accompanying fanfare of targeted social media and advertising campaigns.
The Aquis-listed supplier and retailer of cannabidiol (CBD) and hemp related products issued a half-year trading update on Tuesday, ahead of interim results in late November.
It was able to boast a strong balance sheet with £1.8mln of cash and no debt at the end of September.
Since first being incorporated in November last year, Voyager has generated revenue of roughly £65,000, with sales coming from the website, the first store in St Andrews, and wholesale via a list of third-party stores that have now grown to 80.
Relationships with trade customers began with individual health stores and pet stores but quickly moved onto larger country stores and regional chains, the company said, with the latest development being confirmation by leading wholesaler CLF that it will begin stocking Voyager products from January 2022.
The store in Edinburgh is expected to open later in October and another in Dundee in late November.
Chief executive Nick Tulloch said: “Our focus during the first half of the 2021 calendar year was to establish a solid platform for Voyager, developing our product range and building the team, and of course complete our IPO. The effort we put in during those months is now showing in the positive transformation of our business over the summer.
“In May of this year, almost 100% of our revenue came from online sales but, with the opening of our first store in St Andrews, Scotland and our roll out of Voyager products to 80 third-party stores, online sales are now one of three complementary parts to our business .
“The speed of take up by other retailers supports our view on the quality of our brand and products and CLF's decision to stock our products in particular is not only further vindication of our business model but should mark another significant step up in the volumes of our sales."