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Innocan Pharma Corp
Symbol INNO
Shares Issued 248,490,093
Close 2023-08-25 C$ 0.42
Market Cap C$ 104,365,839
Recent Sedar Documents

Innocan talks gross profit, omits Q2 net P&L

2023-08-25 16:16 ET - News Release

Ms. Iris Bincovich reports

INNOCAN PHARMA REPORTS Q2 2023 RESULTS INCLUDING US$2.706M INCREASE IN REVENUES COMPARED TO Q2, 2022

Innocan Pharma Corp. has released its financial results for the three- and six-month periods ended June 30, 2023.

Highlights:

  • $3,121,000 (U.S.) revenue for Q2, 2023, compared with $415,000 for Q2 2022, representing an increase of 652 per cent;
  • $2,656,000 (U.S.) gross profit for Q2, 2023, compared with $214,000 for Q2 2022, representing an increase of approximately 1,141 per cent.

"We are thrilled with the significant growth we achieved in the second quarter," says Iris Bincovich, chief executive officer of Innocan. "Our strategic focus on integrating cannabinoids with existing proven drugs, alongside the robust sales from our subsidiary, B.I. Sky Global Ltd., have significantly contributed to this tremendous increase in both revenue and gross profit. We remain committed to our vision and are optimistic about the future."

Financial highlights for the second quarter of 2023:

  • Revenue: The company posted $3,121,000(U.S.) in revenue for the three months ended June 30, 2023, marking an increase of $2,706,000 (U.S.) compared with the three months ended June 30, 2022. This surge in revenue is primarily attributable to the robust sales performance of Innocan's subsidiary, B.I. Sky Global.
  • Gross profit: For the three months ended June 30, 2023, the company reported a gross profit of $2,656,000 (U.S.), compared with $214,000 (U.S.) for the three months ended June 30, 2022, representing an increase of $2,442,000 (U.S.).
  • Cash balance: As of June 30, 2023, the company's cash balance was $3,373,000 (U.S.).

For a comprehensive understanding of Innocan's consolidated financial statements, and related management's discussion and analysis, for the three- and six-month periods ended June 30, 2023, please visit the company's profile at SEDAR.

About Innocan Pharma Corp.

Innocan is a pharmaceutical technology company that operates under two main segments: pharmaceuticals and consumer wellness. In the pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprising cannabinoid science to treat various conditions to improve patients' quality of life. This segment involves two drug delivery technologies: (i) LPT cannabidiol-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the bloodstream; the LPT delivery platform research is in the preclinical trial phase for two indications: epilepsy and pain management; (ii) CLX cannabidiol-loaded exosomes platform that may hold the potential to provide a highly synergistic effect of regenerating and anti-inflammatory properties targeting the central nervous system (CNS). In the consumer wellness segment, Innocan develops and markets a wide portfolio of innovative and high performance self-care products to promote a healthier lifestyle. Under this segment, Innocan has established a joint venture by the name of B.I. Sky Global that focuses developing on advanced targeted on-line sales.

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