A number of ASX-listed cannabis companies unveiled results on Friday (February 26).
Elixinol’s Australian arm reported revenue of A$4.2 million for the year-ended December 31, 2020 and an EBITDA loss of $300,000, down from a loss of $2.2 million in 2019.
The company attributed the EBITDA improvement to a shift to higher margin segments, cost management and increased productivity.
Under a new agreement, Hemp Foods Australia started supplying global retailer and warehouse club Costco in Q4 2020 with its new line of Australian grown hemp seeds. It also launched a new Organic Hemp Gold protein powder and seed oil range.
Incannex reported revenue of A$1.23 million in H1 FY2021, a whopping 11,859% increase on the $10,279 reported in the previous corresponding period.
The increase in sales was offset by heavy investment in research and development, up from $313,426 in H1 FY2020 to $2.04 million in H1 FY2021 meaning net losses grew by 31% to $2.89 million in the half.
Incannex raised $11.2 million from share placements in the period.
Driven by sales of its proprietary cannabinoid products, MGC Pharma reported total pharmaceutical sales for the half year to December 31 of A$741,911 compared to A$134,536 in the previous corresponding period.
However, total revenue fell from A$1.8m the previous year as non-pharma sales were discontinued.
Operating losses were A$5.9m, down from A$11.8m the previous year.
Botanix recorded a 14% decrease in operational revenue to A$88,871 although a $6.88m research and development (R&D) incentive scheme refund enabled the company to deliver a profit of $664,129 for the half.
The company also significantly reduced its expenditure during the period, notably on employee benefits and R&D expenses.