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The Israeli cannabis industry continues to bleed - Walla! Of money

2021-12-01T09:00:46.223Z

The manufacturing plants are swimming in the red pool in the industry, which is reflected in the subsequent presentation of losses in the Panaxia reports from Israel Laboratories, despite a 33% increase in its revenues



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The Israeli cannabis industry continues to bleed

The manufacturing plants are swimming in the red pool in the industry, which is reflected in the subsequent presentation of losses in the Panaxia reports from Israel Laboratories, despite a 33% increase in its revenues.

Dedi Segal, CEO of Panaxia Israel Laboratories: "The start of the 'game' in the first quarter of 2022, then sales of our VAPING products will begin."

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  • Cannabis

Roast Greenberg

Wednesday, 01 December 2021, 10:40 Updated: 10:47

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Uneasy results: Third quarter reports of the Israeli medical cannabis industry continue to show losses to companies that rely on local cultivation and production.



The industry's pulse index was previously determined using the results of Panaxia Israel Laboratories, which until the beginning of 2020 produced and packed for most companies in the field.

These still show a negative bottom line, despite an increase in revenues along with a reduction in costs, and show that without massive exports from Israel, even the most efficient companies will continue to lose.

More on Walla!

300 workers at risk: Will Israel's largest cannabis plant close?

To the full article

Hoping for more beautiful and profitable days.

Dr. Dedi Segal, CEO of Panaxia Israel (Photo: Chen Galili)

  • Panaxia's revenues were NIS 22.5 million for the third quarter of 2021, which is an increase of 33.55% compared to NIS 16.85 million in revenues in the corresponding quarter last year.

    Most of the increase is due to the company's focus on selling products it owns alongside the start of exports of its products last December to Cyprus and Germany.

  • The increase in the company's revenues did not lead to a change in the company's loss trend, which recorded an operating loss of about $ 5.9 million, compared to about NIS 8.2 million in the third quarter of 2020.

  • Its expenditure and general costs, for example, were reduced by about 42% and stood at about NIS 3.5 million in the third quarter of the year.

  • In addition to financing expenses, the company recorded a net loss of NIS 6.4 million for the quarter, compared with NIS 8.4 million in the third quarter of 2020. It recorded a net loss of NIS 11.8 million in the first nine months of the year, compared with NIS 26.5 million in the nine months. The first of 2020.

Dr. Dedi Segal, CEO of Panaxia Israel Laboratories, told Walla Money that "the company's losses have been reduced following the increase in our activity with an increase in customers, along with the streamlining process we went through. The data still does not reflect the full activity we performed.



" For us, the 'game' will start in the first quarter of 2022, when sales of our VAPING products (products intended for inhalers) will begin, which are smart products with greater profitability.

It is also a significant direct entry into the European market, including the largest medical cannabis market in the world (financially) - Germany. "

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Source: walla

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