INNPF - CBD-Focused Innocan Pharma Achieves 4X Revenue Growth In Q1 Hits $6.8M Mark | Benzinga
InnoCan Pharma Corp. (OTCQB:INNPF) (CSE:INNO) (FSE: IP4) an Israel-based cannabinoids-focused pharmaceutical company, announced its interim consolidated financial results Monday for the three months ended March 31, 2024. The company reported revenues of $6.8 million, marking a 334% increase compared to $1.6 million in Q1 2023 and a 38% rise from $4.9 million in the previous quarter.
Q1 2024 Financial Highlights
- Revenue was $6.8 million, compared to the $1.6 million from the same quarter of 2023.
- Net loss was $1.5 million.
- Adjusted EBITDA was not added to the earnings report.
- Gross profit was $6 million, compared to the $1.4 million from Q1 2023.
However, despite the revenue growth, Innocan reported a net loss of $1.5 million for Q1 2024, slightly higher than the $1.2 million loss in the same period last year. The increase in losses is attributed to higher selling, marketing, and distribution expenses, which rose to $5.3 million from $1.3 million a year ago, primarily due to Amazon (NASDAQ:AMZN) platform commissions and fulfillment costs.
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