Innocan Pharma Reports Full Year 2023 Results with Revenues up Nearly 6X to $13.7M

HERZLIYA, Israel and CALGARY, Alberta, April 1, 2024 /PRNewswire/ -- Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTC: INNPF) (the "Company" or "Innocan"), a pharmaceutical technology company focusing on developing innovative drug delivery platform technologies is pleased to announce its audited financial consolidated results for the year ended December 31, 2023.

Full Year 2023 Financial Highlights

• Revenues increased 534% year-over-year to US$13.7 million, compared to US$2.6 million in 2022. This significant increase in revenue was primarily due to the robust sales performance of Innocan's subsidiary, BI Sky Global Ltd.
• Gross Profit increased 568% year-over-year to US$12.0 million for the year ended December 31, 2023, compared to US$2.1 million for 2022.
• Operating loss decreased by 61% to US$3.8 million in 2023, compared to US$6.3 in 2022.
• The Company completed a $1.5 million capital raise in March 2024.

Management Comments

Iris Bincovich, the CEO of Innocan commented: "We are very pleased with our performance in 2023, closing the year with a strong fourth quarter. This was due to the strong execution by our team in the quarter as well as throughout the year. We delivered impactful, customer-centric innovation and thoughtfully managed all aspects of our operation. Our accomplishments during the year as well as our progress on executing on our strategy has enabled us to exceed our financial targets for 2023." 

"We are pursuing FDA approval of our LPT CBD-loaded liposome platform which facilitates exact dosing and controlled release of CBD into the blood stream for use by patients who suffer from Chronic pain." continued Ms. Bincovich. "We remain committed to our vision.  It is definitely an exciting time for Innocan Pharma and our shareholders."  

Roni Kamhi, CEO BI Sky Global and COO of Innocan Pharma commented: "Our consumer wellness products are trusted by millions of customers. We at BI Sky Global are very pleased with the results of 2023. We have leveraged our deep understanding of the cosmetics space together with our know-how in leveraging data and analytics to identify and best service our customers. We also look forward to further strengthening BI Sky Global as a leader in the beauty and personal care products space."