The natural resources company said that it is advancing its retail strategy for its US cannabidioil venture, Zoetic Organics.
It said that demand for CBD is ‘very strong’, with the industry continuing to expand.
Highlands Natural Resources said that revenues relating to Zoetic Organics would be realised in June.
The London-listed firm also provided an update on its East Denver project.
According to the statement, combined oil production from the eight producing wells is currently approximately 2,700 Bopd and combined gas production is currently approximately 4,000 Mcfpd.
Robert Price, Executive Chairman and CEO of Highlands, commented: “The progress made by Zoetic since we established this operation less than two months ago has been excellent. From a standing start, we have three revenue lines underway within the Zoetic business and I look forward to providing further updates as our retail sales develop.
This is a fast-moving industry but the combination of our facilities and innovative management team has enabled us to take a flexible approach which I am confident will deliver good returns to our shareholders in the years to come. In the meantime, our East Denver project is being operated to the highest standards and providing regular revenue to Highlands.”
Highlands Natural Resources has various projects across the U.S states including Colorado, Kansas and Montana.
Shares in the company (LON:HNR) are currently broadly flat at +0.40% as of 11:33AM (GMT).