Vape Holdings Inc. (VAPE), a designer, marketer, and distributor of various vaporization products and a consultant within the legal cannabis industry, recently announced record quarterly results for its second quarter ended March 31, 2015. Revenue rose to $415,259, gross profit reached $117,617, and net income amounted to $85,145, or $0.01 per share.
“We are very pleased with our business progress to date, as we have launched several new business lines that represent excellent opportunities to diversify and grow our business,” said Vape Holdings Inc. CEO Kyle Tracey. “Our exciting initiatives are progressing as expected as we leverage our collective experience and knowledge in the legal cannabis sector.”
The company reached a number of key milestones throughout the quarter, including the launch of HIVE Glass as a complementary product offering, opening of “The Hive” retail store in LA to expand sales, launching of Offset and Nouveau to enter the branding marketing and web design business, and strengthening of its executive team, board, and corporate governance practices to build shareholder value.
In May, the company announced the addition of Mark A. Scialdone, Ph.D., as its Chief Science Officer. With two decades of experience at E.I. DuPont de Nemours (DD) and his consulting firm BetterChem LLC, he brings a wealth of experience in chemistry to the team with a focus on botanical extracts – making him an ideal hire to target the burgeoning cannabis industry.
Over the coming quarter, management anticipates the “Mothership” collaboration taking place by the end of June and the “Omni Nail” collaboration by the end of September, which could provide additional catalysts for investors by introducing innovative new products to its line-up of nonporous, non-corrosive, chemically inert ceramic vaporization elements that can be used for a wide range of applications.
Shares of Vape Holdings Inc. jumped more than 3% in early trading on Friday, May 15, 2015 following the news release.
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