Sativa Wellness Group Inc (AQSE:SWEL) has announced that it has filed the Financial Statements and Management’s Discussion and Analysis for Q1 March 2021. All amounts unless stated otherwise are presented in British Pounds (GBP).
The Company has maintained its presence within the CBD sector producing both quality isolate and distillate in Poland for the CBD market as well as continuing to produce a range of quality end products through its ‘Goodbody’ brand in the UK.
The Company also exceeded the targets set to meet its ambition of diversifying within the Wellness sector through the rollout of 30 COVID testing clinics. This has proved the strategy which will be built upon over the rest of the year.
Q1 2021 Highlights:
· Revenue up 377%. Earned £1.37m revenue, £1.02m more than the equivalent period the previous year, making it the highest revenue quarter since inception.
· Gross profit up 234%. £707K compared to £212K in the prior year.
· Adjusted EBITDA loss reduced by 50%. EBITDA adjusted for unrealized currency losses was £404K compared to £807K in the same period the previous year.
· Loss per share reduced by 63%. 0.30 pence compared to 0.82 pence in the same period the previous year.
· Novel Food Application Submitted. Submitted for validation by the Food Standards Agency (“FSA”) ahead of the 31 March 2021 deadline.
Highlights Subsequent to Q1 2021:
· Announced Phytovista Laboratories Granted ISO Accreditation, the Group UK Laboratory, Phytovista Laboratories was granted accreditation to ISO/IEC 17025:2017, General requirements for the competence of testing and calibration laboratories achieved ISO17025.
· Announced Goodbody Botanicals was listed on the UK government website to offer 2- and 8-day quarantine tests for travellers returning to the UK, offering a significant opportunity for the 30 COVID testing clinics.
· Announced the closure of the first tranche of its non-brokered private placement of 45,888,730 Units at a price of C$0.07875 per Unit for gross proceeds of C$3,613,737.49
· Announced the closure of the second tranche of its non-brokered private placement of 12,701,557 Units at a price of C$0.07875 per Unit for gross proceeds of C$1,000,247.61
· Announced the appointment of a new, highly experienced CEO – Marc Howells – to further support the business expansion program, and promotion of Anne Tew to the CFO role and Board.
The 2020 Financial Statements and Management Discussion and Analysis and further information regarding the Company can be found under the Company’s profile on www.sedar.com .
Geremy Thomas, Sativa Wellness Group Executive Chairman, says; “These numbers and announcements are very satisfying and are a result of the changes made on my return. The direction of travel is clear. We have a new team and a clear focus on revenue growth. Q2 has started very strongly.”
