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- Medical cannabis company Zelira Therapeutics (ZLD) has reported record revenue during the March quarter of the 2021 financial year
- Product sales and licencing income amounted to $225,000, representing a 249 per cent increase compared to the prior six months
- The increase was driven largely by the launch of SprinjeneCBD in December and signals the start of the company’s commercial ramp-up
- With more products to launch over the next two quarters, the company said it is well placed to further grow its revenue
- Shares in Zelira Therapeutics remained steady yesterday, finishing the day at 6.2 cents each
Medical cannabis company Zelira Therapeutics (ZLD) has reported record revenue during the March quarter of the 2021 financial year.
Product sales and licensing income came to $225,000, representing a 249 per cent increase compared to the prior six months.
Zelira said its performance is the strongest since its inception and was driven largely by the launch of its SprinjeneCBD oral care product in the United States in December last year.
The CBD toothpaste was developed jointly between Zelira and Sprinjene’s Chief Executive, Sayed Ibrahim, and is the first of several hemp-derived products to be created and launched under Zelira’s oral care subsidiary.
“The Sprinjene brand is built on harnessing the power of natural ingredients to protect and improve our oral health, and CBD with its inherent anti-inflammatory, antibacterial and homeostatic properties are shown to be powerful tools in that fight,” Ibrahim said.
“Research is showing that cannabinoids will be a major part of the future of oral and Zelira was the perfect partner for Sprinjene to set the industry standard in broad spectrum, hemp-derived oral care formulations,” he added.
In a statement this morning, Zelira said its third-quarter performance signals the start of its commercialisation ramp-up and, with new products to be launched over the next two quarters, it is well placed to further grow its revenue through diversified channels.
“Our long-term focus to develop a portfolio of clinically validated and scientifically formulated cannabinoid medicine and consumer products is starting to bear fruit,” said Oludare Odumosu, Managing Director of Zelira.
“The strong growth in March quarter revenue marks a key turning point for the company.”
Shares in Zelira Therapeutics remained steady yesterday, finishing the day at 6.2 cents each.
