Splitit Payments Ltd (ASX:SPT) reported record growth for Q2 FY20 with Merchant Sales Volume of US$65.4 million, up 260% year-on-year with strong growth in North America and Europe markets, up 261% and 240% YOY, respectively. Highlights include:
- Total Q2 FY20 gross revenue was up 460% YoY at US$ 2.4 million, exceeding total revenue for the FY19
- Strong growth in customer numbers with total merchants now surpassing 1000, up 104% YoY and over 300,000 total shoppers, up 85% YoY
- Well-funded with US$18.3 million net cash
- New leading brands accepting Splitit in Q3 to date include Puffy, Waves, OCM, Ecosa and Braun
There is no one left untouched by the charm of the multibillion-dollar global boom in cannabis. Its glorious journey from a criminalized drug to being used in over 20 countries for treating medical conditions.
No wonder the cannabis stocks are on the edge of a green rush. Don’t miss out on the happenings in the cannabis sector and take advantage of the growth phase of this sector by subscribing to our report on Marijuana stocks in Australia.
Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.
Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022.
Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)