CBD-Focused Pharma Co. Innocan Reveals 433% YoY Increase In 2023 Revenue As It Pursues FDA Approval
Cannabinoid-focused pharmaceutical company Innocan Pharma Corp expects preliminary revenues of $4.89m in Q4 of fiscal 2023, representing a YoY increase of 331%. It said preliminary revenues are expected to be at least $13.6m for the whole of the fiscal year, a 433% YoY increase. Its subsidiary B.I. Sky Global drove the increase in sales. Innocan is currently pursuing FDA approval for its human pharmaceutical applications following successful pre-clinical trials, and the company expects pre-investigational new drug applications to be submitted to the FDA before the end of the month. Innocan has developed a long-lasting and therapeutic liposomal formulation for CBD called LPT Solution, which administers injectable CBD encapsulated in liposomes to achieve long-lasting therapeutic levels of CBD in the body. The company said the technology creates a more effective and prolonged therapeutic effect. Innocan plans to test the LPT platform on a new animal species in the near future.
