Rohan Marley, chairman of Jammin Java Corp which trades as Marley Coffee, said in a newsletter to shareholders issued last week that the company’s coffee is now in one-third of US chain stores. The company is also eyeing the college market for distribution to faculty and students, and the addition of new markets overseas.

In a summary on anticipated results for the fiscal year ended January 31, 2016, Marley said gross profits for the year were expected to come in at US$3.1 million — a 60 per cent increase from the previous year.

“We anticipate gross revenues of approximately US$12.3 million for the fiscal year ended January 31, 2016, an increase of 29 per cent compared to the prior year,” the chairman added, stating that more details will be present in the company’s upcoming 10K filing.

Marley Coffee, based in the US, produces and trades what it describes as premium, artisan-roasted coffee under its exclusive licensing agreement with Fifty-Six Hope Road Music Ltd.

The chairman said the latest syndicated data indicates product presence in 35 per cent of US grocery outlets which represents around 11,000 stores for the fiscal year.

“Our objective in the upcoming year is to look for quality accounts and build our turn rate deeper into the accounts we’re in,” Marley said, also noting that new chain additions included Sprouts, Meijers, Price Copper, Wakefern, and Acme.

The company is also expecting to add New Divisions of Safeway and Whole Foods Market, Redner’s Markets, and an expansion of stores at Target.

According to Marley, the University of Notre Dame is now offering Marley Coffee through their office refreshment service, making Marley Coffee available to both faculty and students.

The company chairman said international accounts were led by Canada, Chile and South Korea, noting that Jammin’s European partners are looking to launch a biodegradable and recyclable capsule that would be compatible with Nespresso machines.

“We stay committed to improving our margins through scale, getting into more direct distribution accounts and improvements in our supply chain,” Marley said.

He noted that the company has engaged in conversations with various investors to help put a new round of financing into the company to pay off existing convertible debt notes and was in talks with several banks about getting an asset-based loan backed by the company’s accounts receivable. He added the caveat that securing new financing was not a certainty.

In 2015, the company issued common shares to creditors and distributors in lieu of payment.