Sativa Wellness turns first quarterly profit

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Sativa Wellness Group Inc (AQSE:SWEL, CSE:SWEL, OTC:SCNNF, FRA:484). (AQSE:SWEL) has announced its first quarterly profit for the second quarter of the current year.


The firm said it has topped all targets set to diversify within the Wellness sector through the rollout of additional COVID testing clinics, with 57 clinics in operation as of Thursday.


READ: Sativa Wellness unveils new strategy following strong start to the year


It added it is looking at different tests to expand the clinic portfolio and opportunities to grow the testing business.


Goodbody Botanicals was listed on the UK government website to offer 2- and 8-day quarantine tests for travellers returning to the UK, offering a significant opportunity for the COVID testing clinics.


Sativa noted it has been pursuing growth opportunities in the CBD arena while continuing to produce quality isolate and distillate in Poland and a range of quality end products through its ‘Goodbody’ brand in the UK.


The UK Government Chemist team has published a report summarising the findings of a ring trial to assess laboratories performance in measuring CBD and controlled cannabinoids, with 32 laboratories involved.


Based on the average reported scores PhytoVista, the Sativa Wellness Group ISO accredited laboratory ranked second out of all participants.


In the three months to 30 June, revenue rocketed 828% to GBP3.48mln while last year’s GBP1.43mln loss turned into a net profit of GBP46,000.


In the half-year, revenue surged 563% to GBP4.86mln, with loss improving 63% to GBP874,000.


“I am absolutely delighted by the fantastic revenues driven by strong growth following the changes made in the first quarter,” said executive chairman Geremy Thomas.


“The changes I laid out in my last announcements have started to impact the overall business performance and this profit is the result we have worked very hard to achieve. Cash flow remains strong and positive and the strengthened management team continue to focus on implementing the strategy laid out for the three business units to deliver even more success.”

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