However, the rapidly growing company recorded US$9.3 million in losses compared to a loss of US$6.7 million a year earlier, financials indicate.
But Marley Coffee chief executive officer Brent Toevs reasoned that despite the loss the company performed well.
“It’s been a great year for Marley Coffee. Our goals last year were to get to US$10 million in revenue, improve our operational efficiencies, establish a national presence, find first-class partners in key foreign markets and leverage the brand identity. We believe we have accomplished all of these goals, laying the groundwork for potential significant growth in the next few years,” stated Toevs in a letter to shareholders obtained by the Observer.
Toevs to his credit achieved his previously stated goal of hitting US$10 million in annual sales which reflected a two-thirds growth year on year.
“Marley Coffee is competing in a category dominated by behemoths with multibillion-dollar balance sheets, yet we have done a tremendous job going head-to-head against these competitors because we have stayed true to our principles as we have grown,”added Toevs.
The company stated that it aims to achieve between “US$17-20 million forecast for revenue for the following fiscal year”.
The company distributes products in over 7,500 outlets. In 2014 it inked a deal with one of the largest independent coffee and tea manufacturers in North America – RealCup brand. The partnership would see Marley Coffee distributing single-serve capsules of coffee throughout Canada. This follows a landmark contract in 2013 to supply Kroger and Safeway — the largest retail stores in the US – with roasted coffee products.
Marley Coffee operates a local and US division under the chairmanship of Rohan Marley, son of late reggae legend Bob Marley.