Cronos Australia

Cash receipts for the combined Cronos Australia group exceeded A$28.5m in the half-year ending December 31, 2021, a period which saw it complete its merger with CDA Health.

Net positive operating cash flows were $8.9m in the period and the group closed H1 FY22 with cash and cash equivalents of more than $12.9 million and a market capitalisation of $150m.

Cronos Australia CEO Rodney Cocks

Total cash receipts from the sale of medicinal cannabis and consumer products and the provision of clinic services during the December quarter were $16.47m, up more than 36% on Q1. 

Cronos Australia CEO Rodney Cocks told the ASX: “The merger with CDA Health is a key milestone… and should propel the integrated company to a position of market leadership in Australia and position it for sustainable, profitable growth. 

“The combined Cronos Australia and CDA Health business will allow us to take the company to the next level of growth, both in Australia and offshore. 

Describing the merger as “a game changer”, Cocks said the firm was looking forward to “working with Guy Headley, Dr Ben Jansen and the broader CDA Health team as we continue to integrate and grow the two businesses”. 

ECS Botanics

ECS Botanics has recorded another record quarter for the three months ending December 2021, with Q2 revenue of A$1.43 million, up 58% on Q1. Revenue in the previous corresponding period was $352,000.

ECS Botanics MD Alex Keach

The company said the growth was driven by strong demand across its product suite, with customers continuing to order greater than minimum contract order volumes.

Managing director Alex Keach said the company had laid a “strong foundation for the remainder of the financial year and expects the upward trend to continue.

In November 2021, ECS signed a binding agreement to supply medicinal cannabis resin to Cannvalate in a deal worth a minimum A$4.9 million.

Elixinol Wellness

Elixinol Wellness recorded revenue of A$2.3m in the quarter ending December 31 2021, in line with the prior quarter.

The firm told the ASX declines in US retail, the impact of Covid and “industry headwinds” were offset by growth in Hemp Foods Australia (HFA), which recorded a revenue increase of 6% on the previous quarter to $1.12m.

Oliver Horn - Cannabis News Australia - Cannabiz
Elixinol Wellness Global CEO Oliver Horn

The revenue uptick, driven by national distribution gains, represents HFA’s third consecutive quarter of growth.

Elixinol said it was well funded with $12.6m in cash and an additional $1.9m expected from US employee retention credits, leaving it with around five quarters of funding on a historical run-rate basis

The Elixinol board has engaged financial advisor Greenhill & Co. to assist with a strategic review including “consideration of merger, sale or other options for the company as a whole or its business units”.

However, the firm told shareholders there was “no certainty” the review would lead to any particular outcome or transaction.

Zelira Therapeutics

Zelira generated cash receipts of A$341k in the quarter ending December 31 2021, driven by sales of its SprinjeneCBD toothpaste range and consulting payments.

Zelira Therapeutics MD and CEO Dr Oludare Odumosu

The result was slightly down on September’s $362k, but the company said it has already received $342k in the first two weeks of Q3 FY22, being the partial receipt of a US$1m technology licensing fee. The remaining US$750k will be paid this quarter. 

Zelira recently expanded into New Zealand via an exclusive agreement with Nubu Pharmaceuticals to distribute its cannabinoid-based medicines.

The deal enables Zelira to market its Zenivol chronic insomnia treatment and Hope, for people with autism spectrum disorder.

Medlab Clinical

Medlab Clinical has reported half-year revenue of A$5.6 million, up 33% on the previous corresponding period.

Net operating cash flow for the December quarter was $645,000 while the cash position at the end of September was $11.2m. 

Medlab received $3.2m in R&D cash rebates and was pre-approved for $12 million in R&D rebates for future expenses relating to its non-opioid pain relief candidate NanaBis.

The company acknowledged its market cap position was below expectations, but insisted its principal assets were “valued at well above market capitalisation”.


Emyria has A$8.7m cash on hand as of Dec 31 2021, following a $5m strategic placement by private investment group Tattarang in November last year.

Emyria MD Dr Michael Winlo

In a quarterly update, the firm told the ASX the funds will be used to accelerate its ultra-pure cannabinoid registration programs with the Therapeutic Goods Administration and US Food and Drug Administration and to advance its novel MDMA-analogue development program with the University of Western Australia.

Managing director Dr Michael Winlo added: “Emyria’s drug development and registration goals have gained significant momentum this quarter catalysed by a major strategic investment from Tattarang. 

“The company continues to advance its data collection and analysis work into clinical stage biotech development with multiple programs.”

Creso Pharma

Creso Pharma has reported revenue of A$2.02 million for the December quarter, a 74% increase on Q3 CY21 and up 246% on the previous corresponding period.

Unaudited revenue for the year was $6.21 million, a 152% increase on CY20.

The company had a cash balance of $7.06 million at the end of the quarter and an estimated 1.6 quarters left of funding. 

It reported an operating cash outflow of $4.4 million for the quarter, but said it expected that to improve in Q1 CY22 with the introduction of cost-cutting measures and the absence of one-off business development costs incurred in H2 CY21.

While it has no plans to raise more funds, Creso said it has a proven track record for securing capital and is confident it will be able to do so if required.

MGC Pharmaceuticals

MGC Pharma has reported sales of US$1.8m in the quarter ending December 31 2021 with record sales of its cannabinoid products contributing $720k, up $27k from the previous high in the quarter ending June 30 2021.

Roby Zomer
MGC Pharma co-founder and managing director Roby Zomer

Sales of cannabis-based epilepsy drug CannEpil grew significantly after it was added to Ireland’s primary care reimbursement service, meaning it is provided free of charge to patients under prescription.

Meanwhile, the company said its phase II clinical trial for investigational medicinal product Cognicann, designed to treat patients with dementia and Alzheimer’s disease, has been delayed after logistical problems impacted product supply into Australia, and Covid-19 restrictions hampered access to trial participants in aged care facilities.

The trial, run by Perth’s University of Notre Dame and previously scheduled for December 2021, is now set for completion early in the June quarter.

Botanix Pharmaceuticals

Botanix Pharmaceuticals recorded net cash outflows of A$2.7m, with $1.9m invested in R&D, during the quarter ending December 31 2021.

The firm reported a cash balance of $16.8m and said it remains in a “strong financial position”, which it expects to improve with receipt of its R&D tax return in Q1 2022.

Looking forward, the company is progressing its pipeline of dermatology and infection-focused products with studies in 2022 testing the efficacy of treatments for rosacea, acne, canine atopic dermatitis, and bacterial infections.

Incannex Healthcare

The Incannex board has told shareholders it is contemplating a free bonus option entitlement to reward their loyalty.

While no definitive decision has been made regarding the terms of the bonus issue, the company said it will provide an update to the market once the board has finalised its plans.

Incannex recorded net cash outflows of $2.96m for the quarter ending December 31 2021 with R&D costs of $1.96 million being the largest expenditure item, most of which will be eligible for the Australian Government rebate.

The company said it is adequately funded with a cash balance of $19.77m at year end.

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...

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