Australian medicinal cannabis supplier Elixinol Global (ASX: EXL) has reported revenue growth of 159% as Q3 sales hit AU$10.4 million ($7.4 million).

Its Q3 performance was well ahead of the corresponding period in 2017 and it also represented growth of 27% on Q2 of 2018. Its impressive performance was driven by burgeoning sales in the US, where it listed on the OTCQX exchange to become more accessible to American investors.

Business News Australia rates Elixinol at number 11 in its top 20 Australian cannabis companies, but it looks like it could soon soar up the chart as it continues to display great ambition. In August it reported a maiden group profit after sales grew 110% in H1 of 2018, and that growth has since accelerated. It has tripled in size since the start of 2017 and it has just received AU$40 million ($28.4 million) in funding following a share placement designed to help ramp up international growth.

“The global cannabis market is growing at a rapid rate and Elixinol Global recognises the need to move quickly to leverage the opportunity around the business,” said chief executive Paul Benhaim, adding that the funding will allow it to seize the market opportunities ahead of it.

The group is divided into three divisions: Elixinol USA, which produces and distributes industrial hemp-based dietary supplement and skincare products; Hemp Foods Australia, a retailer and wholesaler of hemp-based products; and Elixinol Australia, which produces CBD and other derivatives for medicinal cannabis patients.

It sells its products in 27 different countries and it has just increased its ownership in subsidiary Elixinol Japan to 50.5%. An AU$2.2 million ($1.6 million) cash injection will fund working capital to help it crack the potentially lucrative Japanese medical cannabis market.

The company has just received $40 million funding and it celebrated by launching a range of health bars under the name of Essential Hemp. These bars are already available in three flavours in health stores across Australia.

Shares initially shot up from Au$1.58 to AU$1.71 after it reported its Q3 figures, before settling back down to AU$1.62 ($1.15). At the end of the quarter, it held $10.7 million in cash and had a debt of $250,000.