Canomed: Revenues of NIS 20 million in 2020 – the capital market

Medical Cannabis Company

Konomed
+ 10.5%

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opening:34.4

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Publishes preliminary results for 2020 and provides a forecast for the coming year. Sales in the past year are expected to amount to NIS 20.1 million, while in 2021 Canomed expects that they will triple and reach NIS 69 million. Against the background of the report, the stock is soaring by 7%.

In the company’s previous forecast, it was estimated that revenues would amount to NIS 23 million, so the estimates it now publishes are therefore lower than that forecast. The company expects the second half of 2020 to generate revenues of NIS 13.56 million. Canamud says the increase in the estimate of sales revenue between the first half of 2020 and the second half of the year is mainly due to the consolidation of pharmacy activity. At the end of 2020, the cash estimate and cash value was approximately NIS 4.88 million.

At the end of the second quarter, Kanomed still had a loss, with a loss of NIS 2.5 million during the period, on revenues of NIS 5 million. It closed 2019 without negligible revenues and a loss of NIS 9 million. At the beginning of 2020, Kfir and Manor Gindi entered the investment in the company, which acquired about 41% of its holdings. Today, the company is a partner in about 3 pharmacies, and distributes its products through Novolog to more than 60 pharmacies in Israel, most of them as part of the collaboration with SuperPharm, which it announced at the end of 2020.

Conanmod recently announced that it would set up a company with a third party in Germany that would purchase, distribute and sell drugs, including medical cannabis to pharmacies in the country, after receiving the necessary regulatory approvals.