534% Revenue Surge Unveiled By Israeli CBD-Focused Pharma Company, Exceeding Expectations

Innocan Pharma Corporation INNPF INNO IP, a cannabinoids-focused pharmaceutical company based in Israel, announced Monday its financial results for the the year ended December 31, 2023. The company reported a nearly sixfold increase in its revenues, reaching US$13.7 million, primarily fueled by the sales performance of its subsidiary, BI Sky Global Ltd.

Full Year 2023 Financial Highlights

• Revenues increased 534% year-over-year to US$13.7 million, compared to US$2.6 million in 2022.
• Operating loss decreased by 61% to US$3.8 million in 2023, compared to US$6.3 in 2022.
• Adjusted EBITDA: 
• Gross profit increased 568% year-over-year to US$12.0 million, compared to US$2.1 million for 2022.
• The Company completed a $1.5 million capital raise in March 2024.

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Management Outlook

“We are very pleased with our performance in 2023, closing the year with a strong fourth quarter. This was due to the strong execution by our team in the quarter as well as throughout the year. We delivered impactful, customer-centric innovation and thoughtfully managed all aspects of our operation. Our accomplishments during the year as well as our progress on executing on our strategy has enabled us to exceed our financial targets for 2023,” Iris Bincovich, CEO of Innocan, said in a press release.

“We are pursuing FDA approval of our LPT CBD-loaded liposome platform which facilitates exact dosing and controlled release of CBD into the bloodstream for use by patients who suffer from chronic pain,” added Bincovich.

Roni Kamhi, CEO of BI Sky Global and COO of Innocan, emphasized the trust their wellness products have garnered worldwide. Kamhi credited this to a deep understanding of the cosmetics industry and data-driven customer service strategies. Looking ahead, BI Sky Global aims to further cement its leadership in the beauty and personal care sectors.

Related News

• CBD-Focused Pharma Co. Innocan Reveals 433% YoY Increase In 2023 Revenue As It Pursues FDA Approval
• Innocan Pharma Corporation Closes Final Tranche Of Private Placement Unit Offering

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