Initial projections for exports to South Korea were first estimated to be $1,000,000 CDN in 2016. Upon establishing business contacts in South Korea, the Company increased their estimated exports to South Korea to be in excess of $2,000,000 CDN in 2016.
The Company now reports it has already shipped approximately $2,000,000 CDN in purchase orders to South Korea since the initial order was placed in early February 2016. Furthermore, the Company is establishing revised export targets to South Korea for the remainder of 2016 and in fact through 2017.
The primary product shipped to date has been shelled hemp seed. In regards to the supply of hemp seed, the Company announced in April of 2015 it had secured 3,000,000 pounds of raw hemp seed for 2016. This has positioned the Company to aggressively pursue export opportunities in 2016.
Naturally Splendid CEO, Craig Goodwin, stated:
The Company signed our first South Korean purchase order in early February of this year. Since that time, Naturally Splendid has received purchase orders through the end of May totalling over $3,000,000 CDN and anticipates building on this opportunity. As reported earlier, our objective is to expand our product offerings as well as increase our distribution channels in South Korea. We believe that by increasing our product offering and expanding our distribution network, the potential to increase gross sales through the remainder of the year is very much a reality. Our goal quite simply, is to continue to increase sales in order to achieve consistent positive cash flow.