Sativa Wellness says product and clinic expansion model working well

Sativa Wellness Group Inc (LON:SWEL) said innovations to expand its products and services in the wellness sector, as well as the expansion of its clinics, are “working well” as it updated investors on its performance over the last year.

In its results for the year to December 31, 2020, the cannabidiol (CBD) specialist said it had responded to the effects of the coronavirus (COVID-19) pandemic during the year by reducing staffing levels and costs as well as utilising its UK production facility to produce hand sanitiser under its Goodbody brand as well as white label products for restaurants and businesses, leading to a record month to date performance in June followed by July.

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The company also said the launch of COIVD-19 testing at its Goodbody shops in Bath and Bristol was “a huge success” in December, which then became the best month to date.

Looking ahead, the firm said these developments showed its model was working well, adding that the submission of its product range for UK FSA novel foods accreditation at the end of March should assist the firm to be seen as “the supplier of choice in the CBD market for both raw oil and end products” if it is received.

In terms of the numbers, the company reported revenues for the year of £1.99mln, up from £1.45mln in 2019, while pre-tax losses widened to £4.79mln from a £3.8mln loss in the prior year.

Story by ProactiveInvestors