119 0 Kommentare CB2 Insights Announces Record Annual Revenue of $13.4 million for FY 2019 Sequential Growth of 25%

TORONTO, June 18, 2020 (GLOBE NEWSWIRE) -- CB2 Insights (CSE: CBII; OTCQB: CBIIF) (“CB2” or the “Company”), one of the largest integrative healthcare system in the United States, today reported its audited consolidated financial results for the year ended December 31, 2019. Additional information concerning the Company, including its unaudited condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the year ended December 31, 2019, can be found at www.sedar.com and on the Company’s website (www.cb2insights.com). All amounts are expressed in Canadian dollars unless otherwise noted.

Prad Sekar, Chief Executive Officer of CB2, stated, “2019 was a building year for the Company. Shortly after going public, we made four acquisitions, streamlined our product offering, accelerated our proprietary technology offerings and grew our valuable data capabilities. As reported in previous releases, our preliminary unaudited financial results for April and May 2020 demonstrate strong revenue growth and the turn to EBITDA positive. These results demonstrate that the foundation we laid in 2019 has been quick to yield results. We are excited for the growth we expect in 2020 and in building long-term value for our shareholders.”

Summary of 2019 Key Milestones and Consolidated Annual Results

Total revenue for FY2019 was $13.4 million, up from $10.8 million from the prior year; an increase of 25%;
Gross profit of $9.3 million in FY2019 compared to $7.9 million from the year prior; an increase of 19%;
Adjusted EBITDA loss of $2.8 million in FY2019 versus adjusted EBITDA loss of $1.9 million from the prior year
Completed a reverse takeover on February 27, 2019 and subsequently began trading on the Canadian Securities Exchange and OTCQB in the US;
Completed a financing round of approximately CAD $5.5 million, led by Merida Capital Partners in a combination of debt and equity financing;
Completed the acquisitions of Relaxed Clarity, Medeval Clinics and New Jersey Alternative Medicine reaching 100,000 patients in 12 States with over 30 clinical locations;
Established an operating model that is designed to support profitability in 2020 and beyond through improved efficiencies and processes, and deployment of proprietary technology;
Appointed as the exclusive technology and data partner for Project Twenty21 in the UK led by Drug Science – a leading UK registry study enrolling up to 20,000 patients;
Validated data and technology Agreements with Canadian based VIVO Cannabis, US based Vireo Health and UK based My Access Clinics; and
Launched the industry’s first full-scale hemp-based Cannabidiol (CBD) prospective trial with GL Brands (Formerly Freedom Leaf Inc.).