Candy Club is a US-based supplier of branded confectionary, both B2C and B2C. The B2B business has created significant value, with rapidly growing sales of confectionery to specialty market resellers under the Candy Club brand. In the three months to June 2021 gross revenue was up 29% at US$3m. While the company is still loss-making at the EBITDA line – the June quarter loss was US$1.5m – it is gradually boosting gross margins and continues to add new customers for both the B2C and B2B business. Candy Club was holding US$6.8m cash as at June 2021. We see Candy Club benefiting from a reopening of the US economy, and innovation within the business. There is also strong potential for international growth.