CANSF - CBG Producer Willow Biosciences Announces Record 43% Revenue Increase And Strategic Moves Ahead | Benzinga
Willow Biosciences Inc., (OTC: CANSF) a frontrunner in biotech innovations for sustainable ingredient production, reported its financial and operational results Tuesday morning for the fourth quarter and fiscal year 2023.
The year marked a period of significant reorganization and growth, culminating in a record revenue of $1.2 million, a 43% increase from the previous year.
In 2020, Willow announced a breakthrough in biotechnology, successfully developing a scalable process for producing cannabigerol (CBG) with over 99% purity and no detectable THC, which positions Willow to capture a significant market opportunity in high-purity cannabinoids.
The company's innovation bore fruit with its corticosteroid manufacturing platform showing promising results in developing hydrocortisone, prednisolone, and prednisone. This advancement, alongside a successful $800,000 non-brokered financing round.
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