ECS Botanics has told the ASX it is set to report record revenue of around A$1.5 million for the December 2021 quarter, up 325% on the previous corresponding period and 65% up on September.
The company attributed the growth to ongoing demand for its GMP-manufactured medicinal cannabis products and hemp sales. It also secured supply agreements with Sun Pharma and Cannvalate during the period.
Managing Director Alex Keach said the firm’s business-to-business strategy and “being able take a seed all the way through to a GMP product is why we continue to attract new customers and deliver quarter-on-quarter growth”.
The company produced 13,200 units of oil products in the last quarter and expects that to grow to more than 20,000 in the March period. Plans to export both dry flower and oils are underway.
A report for the December quarter is expected to be lodged at the end of January.
Zelira Therapeutics has received a cash refund of almost A$1.3 million under the government’s Research and Development Tax Incentive Scheme.
The funds will be used to support the firm’s global portfolio of products and to advance its ongoing clinical development programs.
InhaleRx CEO Matthew Golden has resigned from the company with Darryl Davies stepping into the role of executive director on a part-time basis.
Davies is the co-founder of Cannvalate, which holds a 19.9% stake in InhaleRx, whose board he joined in July 2021.
InhaleRx chairman Sean Williams said Davies’ appointment provides the opportunity to expand distribution channels for the firm’s Medihale device in Australia and create white-label opportunities for the domestic and international markets.
He added: “Darryl also has the skills and experience in physical education to increase awareness of inhalation therapies for cannabinoid delivery.”
Emyria has appointed boutique corporate advisory, brokerage and investment group Sixty Two Capital as its corporate advisor.
Sixty Two Capital specialises in supporting the growth of emerging companies listed on the ASX and will provide Emyria with services in connection with its capital market requirements, investor relations and the identification of new opportunities.
Emyria managing director Dr Michael Winlo said: “Sixty Two Capital has a track record of supporting high-growth companies over the long-term. We are delighted to have their support as [we advance] our major programs in the new year.”
Sixty Two Capital director Sufian Ahmad added: “We believe Emyria’s unique, data-backed drug-development platform has potential to bring new treatments to major patient populations globally, and in doing so generate significant returns for shareholders.”
New Zealand firm Rua Bioscience has named East Coast Cannabis Company (E3C) as its first local cultivation partner.
E3C will be responsible for Rua’s outdoor summer trial crop — planting, managing and harvesting cultivars at Rua’s Mangaoporo, North Island growing facility.
Rua Bioscience chief executive Rob Mitchell said: “What happens here in Mangaoporo is at the heart of everything we do.
“The products we produce, the genetics from this area, the people we journey with — it’s these things that will help differentiate Rua Bioscience in a competitive industry.”
US cannabis publisher and event organiser MJBiz has been acquired by New York-based business-to-business events and media company Emerald X for US$120 million in cash plus potential earnouts.
The acquisition includes tradeshow MJBizCon as well as publications including MJBizDaily, Hemp Industry Daily and MJBizMagazine.
MJBiz CEO Chris Walsh said: “This really highlights the rapidly growing interest in cannabis from all corners of the business world, the market’s vast potential and the success of not only MJBiz, but the entire industry.”