Israeli technology and cannabinoid company StickIt Technologies Inc. (CSE:STKT) announced its financial results on Monday for the year ended Dec. 31, 2023.
Revenue for the fiscal 2023 amounted to CA$203 000 ($149,300), compared to CA$564 000 in the prior year.
The company called 2023 a "notable year" following the "completion of a reverse takeover on Oct. 23, 2023, positioning StickIt for accelerated growth and market expansion." Simultaneously the company completed the financing of CA$441,000, consisting of 1,024,628 subscription receipts for CA$0.4304 each, which were converted on a 1:1 basis into the company's common shares.
StickIt, the developer exclusivity and patent protected of "Cannabis Sticks," debuted on the Canadian Securities Exchange (CSE), in the same month.
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FY 2023 Financial Highlights
- Selling, general and administrative expenses totaled CA$1 million, representing an increase from CA$591 000.
- Net loss totaled nearly CA$49 million, of which CA$47.7 million resulted from registration and issuance costs from the RTO, compared to CA$806, 000 net loss in fiscal 2022.
Operational Highlights
- Expansion into international markets with the establishment of a joint venture in Bangkok, Thailand, aiming to capitalize on global opportunities for our Extra-C sticks.
- Secured a comprehensive patent portfolio. Noteworthy patents include US11582996 B2 in the USA and multiple grants across Europe, Canada, and Israel.
- Entered into a technology license and distribution agreement with Alta in Canada Inc. on May 5, 2023, granting Alta Inc. a license to utilize its raw materials and engage in the manufacturing of its products.
- Continued focus on a growth strategy through joint ventures in regions where recreational cannabis is permitted, strengthening its global footprint and market reach.
- Investment in research and development to support innovation and product development, totaling CA$101,000.
What's Next
"Poised for ongoing expansion and deeper market reach into 2024 and further, StickIt aims to exploit its formidable patent stance, broaden its worldwide joint venture approach, and persist in innovation within the realm of cannabinoid accessories," Eli Ben-Haroosh, the company's CEO, said in a press release on Monday. "The management team upholds a pledge to enhance shareholder value and seize the extensive possibilities in the leisure and medical cannabis arenas."
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