A number of ASX-listed cannabis companies unveiled results on Friday (February 26).
Elixinol Global
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 Healthcare
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.
MGC Pharma
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 Pharmaceuticals
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.