Innocan Pharma's Q2 2023 Reports Gross Profit Growth Driven By Robust Subsidiary Sales

Innocan Pharma Corporation INNOIP INNPF, a pharmaceutical technology firm specializing in innovative drug delivery platforms, reported its financial results for Q2 2023.

The company's CEO, Iris Bincovich, expressed excitement about the positive trajectory and strategic focus on integrating cannabinoids with established drugs.

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

Innocan reported revenue for the three months ending June 30, 2023, reached $3.121M, an increase from $2.706M in the same period in 2022, attributed to strong sales from its subsidiary, B.I. Sky Global Ltd. And cash balance of $3.373M as of June 30, 2023.

Results For B.I. Sky Global Ltd.

In the Consumer Wellness segment, Innocan focuses on developing a Joint Venture named BI Sky Global Ltd., which has a specific emphasis on advanced targeted online sales.

• Sky Global Ltd. reported gross profits for Q2 2023 stood at $2.656M, a significant rise from $214,000 for the same period last year, indicating an increase of $2.442M.

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Photo By: Gino Crescoli via Pixabay.