The Kanabo Group PLC (LON: KNB) share price rose 2.81% after releasing its financial results for the twelve months ended 31 December 2022. The company revealed its revenues surged 726% to £603,000 from the £73,000 recorded in 2021.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
Despite the upbeat revenues, Kanabo still recorded an operating loss of £6.8 million during the year, significantly increasing from the £4.6 million operating loss in 2021. The higher losses triggered the lacklustre response from investors towards the report.
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Some of the critical operational highlights achieved by Kanabo include the acquisition and integration of The GP Service Ltd, which expanded the company’s presence and activities across the digital health services arena.
Kanabo also launched two new ‘prescription only' cannabis-derived formulations for pain management. The company also unveiled a new eCommerce store initially targeting the UK market but with plans underway to expand its services into other European countries.
The company noted that it is now a focused health-tech company that operates a digital healthcare platform and treatment portfolio focused on medicinal cannabis products.
The firm noted that successfully integrating The GP Service into its platform and launching an online pain management clinic provided a crucial base for expanding its services.
Avihu Tamir, Chief Executive Officer of Kanabo, commented: “2022 has proved to be one of the most strategically important years for our business as we seek to further expand our operational footprint across both the medicinal cannabis and digital health services arenas. Our acquisition of GP Service will now provide the bedrock of our activities as we continue to evolve Kanabo into a wellness and healthcare specialist whilst fully leveraging our market-leading expertise in developing and distributing cannabis-derived medicinal products.”
Kanabo’s other critical achievements after the period ended include the launch of Treat It, its new online pain management clinic. The service gives patients direct access to high-quality medical treatments and helps them manage their care.
The company is still pursuing other critical strategic objectives, including the CE marking certification of its cannabis inhaler, which remains on track.
*This is not investment advice.
Kanabo share price.
The Kanabo share price edged 2.81% higher to trade at 3.29p, from Friday’s closing price of 3.20p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.