Innocan Pharma Corporation (CSE: INNO), a pharmaceutical tech company, has announced impressive annual results for 2022 with revenues reaching $2.6M, compared to just $196K in 2021. This increase in revenue growth can be attributed to the success of the company's subsidiary, BI Sky Global, which focuses on developing beauty microbrands for platforms such as Amazon and other retail marketplaces. In addition to this, Innocan Pharma experienced a notable increase in the number of subscriptions per month, representing approximately 10% of monthly revenues.
The consistent increase in revenues over the past 12 months indicates continued growth and expansion of the company's sales. Innocan Pharma has been active in expanding its patent portfolio of targeted healing products, positioning itself as a leader in CBD-based therapeutics. The company's growth pillars for 2023 include Pre-IND meetings for veterinary and human applications of the LPT CBD drug delivery platform, expanding distribution agreements for the consumer wellness segment, and growing online sales partnerships.
In March 2023, Innocan Pharma announced the launch of its licensing and commercialization strategy work in the veterinary field, aiming to commercialize, partner, and/or sell Innocan's intellectual property portfolio to veterinary indications. The company believes that the veterinary market represents a significant opportunity for growth and is eager to explore the potential for these products in the veterinary field.
To support its growth and expansion plans, Innocan Pharma has been expanding its distribution network, which now includes Lithuania, Latvia, Estonia, Finland, Austria, Holland, Belgium, and Slovakia. Innocan Pharma announced in April 2023 that it had entered into a wide-scope commercial distribution agreement with UAB Medexy for the distribution of both of Innocan's SHIR™ and RELIEF&GO™ brands in Lithuania, Latvia & Estonia. UAB Medexy has a reputation as a key Eastern European player in the import and distribution of cosmetic products and medical devices, positioning it as one of the major players in its industry. This new business will complement both Innocan's exponential growth strategy and UAB Medexy's Health and Beauty market strategy.
Innocan Pharma's pharmaceutical tech operates under two main segments: Pharmaceuticals and Consumer Wellness. The Pharmaceuticals segment focuses on developing innovative drug delivery platform technologies to treat various conditions to improve patients' quality of life. This segment involves two drug delivery technologies: LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the bloodstream, and CLX CBD-loaded exosomes platform that may hold the potential to provide a highly synergistic effect of regenerating and anti-inflammatory properties targeting the Central Nervous System.
In the Consumer Wellness segment, Innocan Pharma develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment, Innocan Pharma established a Joint Venture by the name of BI Sky Global Ltd. that focuses on developing advanced targeted online sales.
"We are incredibly proud of our progress this year. We have reached substantial milestones in financially, scientifically, and in terms of our IP portfolio. As we look ahead to the coming year, we are setting ambitious goals that we are intent on achieving," said Iris Bincovich, CEO of Innocan Pharma.
In conclusion, Innocan Pharma is well-positioned to become a leading player in CBD-based therapeutics and consumer wellness products, having achieved impressive revenue growth through its subsidiary, BI Sky Global, and expanding distribution network. With the launch of its licensing and commercialization strategy work in the veterinary field and continued expansion plans, Innocan Pharma is showing impressive growth.
Read Our Previous Market Commentary Report On The Topic (March 2022), Titled "Innocan Pharma: An Up-and-coming Leader In CBD Veterinary Solutions" Solutions": https://www.pesgresearch.com/pesg-fmrt-innocan-pharma-research-report
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