Zelira Therapeutics delivers record March quarter revenue of $225,000

Zelira Therapeutics Ltd (ASX:ZLD) (OTCQB:ZLDAF) (FRA:G1G) achieved record product sales and licensing revenues of A$225,000 during the March quarter - up 249% on the prior six months.

This revenue growth demonstrates the start of the company’s commercialisation ramp-up, with growth driven largely by the successful December 2020 launch of the SprinjeneCBD oral care product in the USA.

The company has two proprietary formulations under the HOPE brand that are generating revenues in Australia and Pennsylvania and have been licensed in Louisiana and Washington DC - with other states in the US expected to follow.

“Portfolio starting to bear fruit”

Zelira is also generating revenue in Australia from its proprietary and patented Zenivol, which successfully completed the world’s first Phase 1b clinical trial for chronic insomnia where it was found to be a safe and effective treatment.

With a suite of new products planned for launch over the next two quarters, the company is well placed to generate further growth in revenue via diversified income streams. 

Zelira Therapeutics managing director Dr Oludare Odumosu said: “Our long-term focus to develop a portfolio of clinically validated and scientifically formulated cannabinoid medicine and consumer products is starting to bear fruit.

“The strong growth in March quarter revenue marks a key turning point for the company.

“We are well placed to build on the March quarter momentum and accelerate our progress in 2021 as we launch new products and expand into new geographies.” 

Story by ProactiveInvestors