Elixinol Global has reported revenue of A$2.3 million for the March quarter, down 26% on the previous quarter, citing seasonality and COVID lockdowns as reasons for the fall.
Elixinol is finalising its repositioning towards a higher margin, consumer-led branded nutraceuticals model. It said its focus on e-commerce during COVID-19 and the sale of higher-margin Elixinol-branded products continues to shift the revenue and margin mix and improve EBITDA across all business units.
The company’s e-commerce channel contributed around A$833,000 (36%) of overall revenue with Hemp Foods Australia adding A$871,000 (37%) to the company’s coffers.
CEO Oliver Horn said: “The first quarter of the calendar year is traditionally softer for retail, while consumers curb discretionary spend after Christmas and holiday trading periods. This seasonal trend was compounded by the continued impact of COVID in two of our key markets, the UK and US, where footfall into physical venues continued to be significantly reduced.
“Pleasingly, in March we saw green shoots start to appear both in the UK and the US as the impact of economic stimulus packages [and] easing of COVID restrictions came into effect and increased vaccination rates started lifting consumer confidence.
“Moving closer to summer and with the UK coming out of lockdown and vaccination programs being implemented, we expect to see an improvement in consumer spending.”
“Now that we have our UK Novel Food Application validated by the UK Food Standards Agency, our products can remain in distribution, and new customer opportunities are opening up with the benefit of this improved regulatory certainty.”
“In March we announced the proposed acquisition of CannaCare, whose performance in Germany has been consistent with our expectations, supported by a successful skincare launch.”
Bod has reported significant growth in Q3 FY21 underpinned by strong MediCabilis prescription sales and ongoing R&D initiatives to build real-world data supporting the efficacy of the company’s medicinal cannabis products for a range of conditions.
Bod filled 3,789 MediCabilis prescriptions during the quarter, 62% of which were repeats, to deliver a 61% increase on the previous quarter. The total number of units sold during FY21 is now 7,730, a 93% increase on the FY20 total.
CEO Jo Patterson said: “The increase in total invoiced sales for the period is very pleasing and growth can be attributed to the completion of a number of binding purchase orders from H&H, which will result in Bod’s products being sold in key markets across Europe and the UK.
“The continued upward trajectory in medicinal cannabis sales throughout Australia has also been a major factor in building our revenue profile.
“We expect additional purchase orders to support our US market entry to be secured during the quarter, as well as the launch of our products to European consumers.
“We also anticipate that medicinal cannabis sales will continue to track upward in line with the growing number of users in Australia.”
MGC Pharmaceuticals co-founder and managing director Roby Zomer has hailed a “historic quarter” in which it became the first medicinal cannabis company to list on the London Stock Exchange following a £6.5 million placement.
The company also reported record quarterly sales of its proprietary phytomedicine product line delivering around A$880,000 in revenue; secured a master supply and distribution agreement with European nutraceuticals producer and distributor Swiss PharmaCan for food supplement ArtemiC Rescue; and received Ethics Committee approval for a Phase III clinical trial to evaluate the efficacy and safety of Covid-19 treatment CimetrA.
Cronos has announced Q3 FY21 revenues exceeded Q2 by 143 per cent, with year-to-date revenue approaching A$1 million.
Sales of its Adaya medicinal cannabis oil range were up by more than 200% over the previous quarter and have increased, on average, more than 78% month-on-month since launch.
The range will be expanded with the addition of Australian-grown, high-THC flower products to meet rising demand.
Epsilon Healthcare, formerly THC Global Group, has announced its first quarterly results since completing a strategic review of operations late last year.
The company reported strong revenue growth, with cash receipts for the March quarter up 43% on the previous corresponding period to A$1.76 million.
It said it has realised the bulk of the cost savings implemented following the review and reported a further reduction in net cash operating expenses of 23% compared to the fourth quarter of 2020. It retains a strong cash position of $4.62 million.
CEO Jarrod White said: “The initiatives which were implemented throughout the last quarter of 2020 are now [positioning] Epsilon… as a true market participant in the global medicinal cannabis space.”