Elixinol Global has reported unaudited revenue of A$4 million for Q3 2020, up 18% on Q2 and beating its previous guidance of 10-15% issued in September.
Net operating cash was down to $3.5m from $6.2m in Q2, on the back of cost reduction measures implemented in H1.
The company has begun UK distribution of eight Elixinol-branded products through Well Pharmacy and launched skincare range exlinolSkin via chemist chain Boots in Ireland.
Meanwhile, Hemp Foods Australia’s performance continued to improve after its sale to Chinese buyer Shanghai Shunho New Materials Technology fell through in May, contributing 25% of total revenue in the quarter.
Group CEO Oliver Horn (pictured) said: “Following aggressive efforts to reshape the business
and operate from a materially lower cost base, we are very pleased to report robust revenue
growth for the quarter across all business units.”