Cannabis products company PharmaCielo Ltd. (TSXV:PCLO) (OTC:PCLOF) announced its financial and operational results on Monday for the three and nine months ended Sept. 30, 2024.
The Toronto-based company said revenue for the third quarter totaled CA$1.3 million ($927,772), up from CA$352,000 in the prior year's period. For the nine months, total revenues reached CA$2.4 million, compared to CA$1.3 million in 2023.
“PharmaCielo achieved substantial revenue growth, successfully expanded into new international markets, and continued its focus on reducing costs to improve its operational efficiency,” said chairman and CEO Marc Lustig. “Our strategic position in multiple regions, coupled with an expanding product portfolio beyond CBD isolate, has enhanced our ability to serve diverse international markets and generate increased revenue.”
The company reported that it has successfully expanded its presence in key global markets, such as Latin America, Europe, Africa and Australia, where it’s gained traction with new customers.
Read Also: PharmaCielo Cannabis Co. Sees 390% YoY Revenue Jump As Losses Narrow In Q2 2024
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Q3 2024 Financial Highlights
- Gross profit increased to CA$372, 000 from a gross loss of CA$349,000 in the prior year's period.
- Adjusted EBITDA came in negative at CA$583,000, compared to an adjusted EBITDA loss of CA$1.4 million in the third quarter of last year.
- Net loss decreased to CA$2.6 million, down from CA$2.8 million in the prior year's period.
2025 Outlook
PharmaCielo noted that it’s confident in its ability to achieve profitability in 2025. It highlighted that "it's well-positioned to build on its first-mover advantage in Colombia, leveraging its state-of-the-art cultivation and scientific processing capacity to meet the growing global demand for medicinal cannabis products."
It is also working on expanding its product portfolio by introducing differentiated, higher-margin offerings like a psychoactive flower and full-spectrum extracts, creating new growth prospects.
With the introduction of dried flower shipments to key markets, the company expects to increase its market share.
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