Kanabo

London Inventory Trade-listed (LSE) UK medical hashish operator Kanabo has printed its broad monetary outcomes for 2024, revealing rising income and falling losses.

In an replace printed this week, the digital well being service reported a 44% improve in income for the total yr to £1.3m, up from £0.9m in 2023.

This improve in income seemed to be balanced throughout the entire yr, with the corporate reporting a 55% improve for H1 of 2024 in September to £694k.

The double-digit development was attributed to quite a few ‘strategic initiatives’ together with a raft of AI integration throughout its operations, alongside its ongoing cultivation venture in Spain.

At its flagship digital ‘GP Service’, Kanabo has built-in an AI-driven ‘DocNow’ system which automates and analyses affected person data forward of a session, reportedly growing physician’s session capability from three to twenty classes per hour.

It is usually in ‘ongoing discussions’ relating to the combination of an ‘AI-powered triage system’, which it says generates 33% gross revenue per session, and sees lower than 10% of AI-triaged instances rejected by scientific professionals.

One other key driver of this income development has been Kanabo’s funding in Spain by way of its partially owned subsidiary Agritech. In March 2024, Enterprise of Hashish reported that Agritech had acquired a significant funding to seek the advice of on the development of a high-tech cultivation facility within the nation.

This guide enterprise has reportedly generated £226k in income all through 2024 and guarantees to not solely realise a further £1m this yr, but additionally positive up Kanabo’s provide chain with dependable entry to medical hashish APIs.

Regardless of these monetary good points, the corporate remains to be a loss maker, posting an EBITDA lack of £1.9m in 2024.

Whereas the corporate remains to be within the crimson, this was a major enchancment on 2023’s £2.2m loss, and Kanabo is assured that its value discount programme will proceed to cut back these losses via 2025.

By the shut of this yr, Kanabo says it hopes to cut back losses by 20% via additional automation of its processes. Already, in January 2025, the corporate says its normal and administrative fastened prices fell by 14%, dropping from £91,449 common month-to-month prices in 2024 to £78,963.

“These financial savings stemmed from streamlined administrative processes, improved IT administration, and ongoing automation efforts,” it stated in an RNS assertion.

Trying forward, Kanabo anticipates additional income development, pushed by each growing market demand and elevated effectivity. In Q1 of 2025, Kanabo says its clinic’s affected person base grew by 51%, aided by ‘new partnerships with patient-focused organisations’.

In the meantime, its month-to-month income elevated by 406% year-on-year in January 2025, up from simply £15,192 to £76,842.

Organigram 

Canadian hashish operator Organigram, which has an growing presence throughout varied European markets, introduced this week that it has acquired its third and closing funding from British American Tobacco (BAT).

In November 2023, the tobacco large signed a deal to speculate an extra C$124.6m in Organigram in three separate tranches, seeing BAT retain a 30% of the hashish firm’s frequent shares.

Since BAT initially invested in Organigram in March 2021, the pair have additionally been engaged on a Product Growth Collaboration (PDC), with an ‘accelerated deal with modern hashish science and R&D outdoors of combustibles’ with the contemporary funding.

This week, BAT acquired the ultimate tranche of Organigram shares as a part of this deal, 7.56 million frequent shares and 5.33 million most well-liked shares at C$3.2203 per share, producing gross proceeds of C$41.5m

As beforehand reported, a good portion of this funding was allotted to Organigram’s funding pool, Jupiter, which focuses on worldwide enlargement.

Following earlier investments of C$21m in German hashish firm Sanity Group and C$2.7m in US-based Open Ebook Extracts, Organigram now has roughly C$57.8 million accessible for additional investments.

It got here simply weeks after it hosted a Q1, 2025, earnings name wherein its CEO, Beena Goldenberg, offered a transparent image of its progress throughout Europe.

Organigram’s key focus is Germany, and its flower exports are anticipated to extend markedly as soon as its Moncton facility receives EU GMP certification, anticipated in Spring 2025.

It famous that at present, many non-EU GMP producers depend on third-party conversion amenities in international locations like Portugal earlier than exporting to Germany, which means that EU-GMP certification will eradicate this intermediary and enhance margins.

It is usually focusing on Germany’s slated pilot tasks, although given the present political local weather, it’s questionable whether or not these will go forward.

The corporate additionally urged that the whole thing of this closing tranche of funding will likely be put in direction of its Jupiter pool, and will likely be used to fund additional worldwide investments.

Curity Pharma 

Greek medical hashish cultivator Curity Pharma has formally acquired its working license from Greece’s Ministries of Growth, Well being, and Rural Growth.

In response to a market replace this week, this license will permit the vertically built-in medical hashish enterprise to launch its operations instantly within the fledgling market.

Curity boasts a 67,000 sq metre facility that ‘operates in compliance with Good Manufacturing Apply (EU GMP) requirements with a view to producing medical hashish merchandise to assist the ‘rising demand’ throughout Europe and within the home market.

CEO and co-founder Manos Chatiras stated: “This license marks the start of a brand new chapter for Curity Pharma and the medical hashish trade.

“Greece is changing into an vital participant within the European medical hashish sector, driving options based mostly on science and superior expertise. Our imaginative and prescient for growing and producing modern therapies is now coming to life.

“We’re able to implement our technique to supply one of the best therapeutic options to Greek sufferers whereas additionally executing our export plan to determine Greek medical hashish as a reference level throughout Europe.”