534% Revenue Surge Unveiled By Israeli CBD-Focused Pharma Company, Exceeding Expectations
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Innocan Pharma Corporation (OTCQB:INNPF) (CSE:INNO) (FSE: IP4), 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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