- Revenue surged by over 1,000% in FY2024, reaching $2.37 million, compared to $199,701 in FY2023.
- Fourth-quarter revenue in 2024 increased significantly to $348,907 from $52,689 in the previous year.
- The growth was driven by the strategic acquisition of SOFLO Wholesaler Group, adding over 400 active accounts.
Green Leaf Innovations (OTCPK:GRLF), specializing in premium cigars and tobacco products, has reported a dramatic financial upswing for the fiscal year 2024. The company's annual revenue rocketed by over 1,000% to $2,366,955, a significant leap from $199,701 in 2023. The fourth-quarter revenue also showcased impressive growth, rising to $348,907 from $52,689 the previous year.
This exceptional revenue increase is largely attributed to Green Leaf's strategic acquisition of SOFLO Wholesaler Group, a wholesale cigar distributor that brought in over 400 active accounts. This acquisition has considerably boosted Green Leaf's market position and distribution capabilities.
Roberto Mederos, CEO of Green Leaf Innovations, described 2024 as a foundational year. Despite anticipated losses due to infrastructure investments, the company remains optimistic about the future. Moving into 2025, Green Leaf expects continued revenue growth, improved gross margins, and better operating leverage. The company is actively pursuing additional strategic opportunities, including potential acquisitions and joint ventures, to maintain its growth momentum and enhance shareholder value.
