Kanabo Group’s (LON: KNB) share price has reacted Friday to its H1 report that saw the company record a loss during the period ended June 30 2021.
Kanabo reported a pretax loss of £2.4 million compared to a loss of £344,000 during H! 2020. However, the widened loss was put down to one-off costs associated with the reverse acquisition of Kanabo Research Ltd. A one-off £1.2 million expense linked to the reverse acquisition was reported.
Revenue for the period came in at £15,000 from £14,000 the previous year, while general and administrative expenses came in slightly higher.
“The company’s pre-revenue status is reflected in the operating loss of £1.2m for the six-month period under review as it continued to lay the foundations for a successful full year and beyond. The total loss for this period was £2.4m, largely due to the one-off costs associated with the reverse acquisition,” stated Kanabo.
“Our balance sheet is strong and the Company finished the period with cash reserves of £5.9m as of 30 June 2021,” they added.
Kanabo pointed to several highlights during the period, including its agreement with Medocann Pharma, which resulted in a rally for its stpock price earlier this month.
Kanabo shares are currently up 0.31% at 16.3p after initially dropping to a low of 15.1p following the news.
Should You Invest in Kanabo Shares?
One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It’s a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now