PharmaCielo Ltd. Reports Q2 2023 Financial Results

TORONTO — PharmaCielo Ltd., a figure in the cannabis industry based out of Canada and holding substantial operations in Colombia via PharmaCielo Colombia Holdings S.A.S., revealed its financial results for the quarter concluding on June 30, 2023.

The report indicated challenges for the firm, with a year-over-year decline in revenue and a deepened Adjusted EBITDA loss. Specifically, Q2 2023 revenues reached $160,000 CAD ($117,989 USD), a sharp decline from the previous year’s $2.1 million CAD ($1.5M USD). Adjusted EBITDA for the quarter showed a loss of $2.1 million CAD ($1.5M USD), compared to a $1.8 million CAD ($1.3M USD) loss in Q2 2022. Furthermore, the net loss for the quarter was reported at $3.58 million CAD ($2.5M USD), marginally up from the $3.51 million CAD ($2.58M USD) of the previous year.

However, despite these figures, the leadership team remains positive about the company’s trajectory. Marc Lustig, the newly appointed Chairman and CEO of PharmaCielo, expressed optimism. “Our sales and finance teams have made measurable progress. I expect these efforts to continue to yield positive results in the upcoming quarters,” Lustig commented. He further highlighted the finance team’s achievement in effectuating a 25% reduction in overhead expenses, surpassing budget expectations, all without impacting the company’s contract execution and acquisition capabilities.

In July, the company saw organizational shifts, with the appointment of Lustig as the Chairman and CEO. By August, PharmaCielo seemed to be regaining its operational balance, showing steady sales progress, and expecting its maiden shipment to a third Brazilian customer in the fourth quarter. The firm also celebrated continued business with a German partner. Notably, even after reducing its workforce to 132, the company maintains its commitment to fulfilling existing contracts.

PharmaCielo’s share price mirrored its financial struggles, trading at $0.1195 per share, down by 0.46%, as of Tuesday afternoon.

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