StockMarketWire.com - Cannabidiol supplier Zoetic International said it more than doubled its first-half revenue, as more stores stocked its smoking products.

Cannabidiol is derived from marijuana but doesn't have the psychoactive properties of tetrahydrocannabinol, or THC.

Revenue for the six months through September rose to £1.15m, up from £0.52m on-year.

The company said 67 stores in the US were now stocking its Zoetic and Chill products.

A distribution agreement, meanwhile, had been signed with Mr. Checkout, with an initial supply to 15 distributors across the US.

Zoetic said it was targeting an expansion of Zoetic UK product lines into cosmetics before the end of the year.

The company is also progressing with a sale of its natural resources business, which includes shale assets in Colorado.

'Following our decision to exit natural resources, we have worked diligently to identify how best to realise the value in this side of our business,' chief executive Nick Tulloch said.

'We will not rush into any quick or ill-advised sale, but we will develop in the coming months a series of opportunities to realise cash from these assets and reinvest in enhancing our CBD business.'

'In the meantime, we have reduced our overheads such that our current cash balance, refunded performance bonds and projected revenues from East Denver and our CBD operations are capable of supporting the company.

'Zoetic International is a very different company to the one that started the year, culturally and operationally.'

'The team have embraced the changes we have implemented, morale is high and we are all focused on delivering results for our shareholders.'

At 8:01am: [LON:ZOE] share price was +0.53p at 4.2p



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