11:03 AM EDT, 05/01/2025 (MT Newswires) -- Leef Brands ( LEEEF ) on Thursday reported a swing to a first-quarter profit as revenue jumped 19%.

The Californian cannabis company reported net income of $2 million, compared with a loss of $1.8 million, last year.

Revenue increased 19% to $9.4 million, boosted by stronger market demand and better sales execution.

The company expects revenue and gross margins to improve throughout 2025, particularly in the second half of the year. Key drivers include the first harvest at Salisbury Canyon Ranch and Leef's expansion into New York.

"While we're not yet where we ultimately aim to be, we've laid a strong foundation for future growth," said Chief Financial Officer Kevin Wilson. "Over the past several quarters, we've expanded our sales pipeline and advanced our extraction technology. With Salisbury Canyon Ranch set to begin contributing to our supply chain later this year, we expect these efforts to drive meaningful financial improvements."

The company's shares were last seen down $0.01 to $0.18 on the Canadian Securities Exchange.

Price: 0.18, Change: -0.01, Percent Change: -5.26