Cronos Australia generated cash receipts of A$18 million in the January to March quarter as the company flagged the impending launch of an upgraded CanView platform.
The financial performance was a 10% improvement on the previous three months, with Cronos reporting a net cash gain of $1.6m for the quarter, and $10.5m for the nine months ending March 31.
While a detailed quarterly financial breakdown of each division was not disclosed, revenue generated in March through CanView hit $7.5m, while sales of its Adaya medicinal cannabis products generated $561,000, also in March.
Adaya pulled in revenue of $2.5m in the first half of the financial year.
Cronos Australia chief executive Rodney Cocks said the Q3 result was “underpinned by the successful merger and integration with CDA Health”.
The firm said “considerable progress” has been made on integrating operational functions of Cronos and CDA across its nine locations with “a range of efficiencies and cost savings” expected to follow.
Shares slipped 3.3% to $0.29c at close of trading yesterday, but are still 70% above the pre-merger price.
CanView revamp
The company used its quarterly update to outline its plans for the phased upgrade to CanView.
Cronos said it was “well advanced with the completion of CanView 2.0” with improvements for pharmacies, doctors, patients and suppliers to be rolled out in five stages during 2022.
Among the developments, medical practitioners will be given the option to generate prescriptions directly through the CanView platform, while patients will be able to order repeat prescriptions from the pharmacy through the CanView mobile app.
In addition, pharmacies will have the ability to receive prescriptions and TGA approvals directly from medical practitioners prescribing through CanView.
“All of the improvements will deliver a number of efficiencies and cost savings for the group while… enhancing the user experience for the growing number of pharmacies, prescribers, patients and suppliers using the CanView platform,” Cronos said.
The new design will also “open the door to a larger number of prescribers who are considering using medicinal cannabis treatments within their practices”.