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CBD-Focused Innocan Pharma Achieves 4X Revenue Growth In Q1, Hits $6.8M Mark

Benzinga ·  May 28 22:57

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 reportedrevenues of $6.8 million, markinga 334% increase compared to $1.6 million in Q1 2023and 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...

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