Panaxia wraps up 2021 with 38% growth in total revenue from its Israeli business, including initial cannabis oil export revenue of $5.6 million
– Israeli net income in 2021 increased by 38% to 83.6 million.
– Initial earnings from the export of medical cannabis oils from Israelwhich began at the end of 2020, were 5.6 million in 2021.
– From February 2022about a year after launching the export of oils, Panaxia is ranked #3 in cannabis oil sales in the category in Germanywith approximately 8% market share (Insight Health Report, February 2022).
– Export revenues do not yet include revenues from cannabis extracts intended for sale by vaporization, Panaxia’s flagship product, whose sales in Germany started this year.
– The company anticipates that the shutdown of contract manufacturing, distribution, logistics and retail operations in Israel will greatly improve the company’s gross profitability, as well as a decrease in the company’s turnover at first.
LD, Israel, April 5, 2022 /PRNewswire/ — dr. Dadi SegalCEO of Panaxia Israel: “We conclude 2021 with double-digit revenue growth, including export revenue of around 5.6 million and an 8% market share in the oils category in Germany. It was a year of launch and market penetration of the first product we exported, clinically repellent and clinically supported. We are proud that at such an early stage, around a year after we started exporting our premium oils to GermanyPanaxia ranks 3rd in cannabis oil sales in Germany. At the beginning of the year, we started the first sales in Germany of our flagship product – medical cannabis extracts for vaporization, a clean product with 100% active ingredients and no hazardous fuels. This product has many advantages, and it is the first and only product that we estimate will have a market share of a few tens of percent. It is getting very positive feedback from doctors, and we suspect this will all be reflected in patient demand for the product down the road.”
“Looking to 2022, the company is continuing its plans to improve profitability and in the production and export of unique finished products, including extracts for vaporization in Germany and cannabis tablets for the experimental government program in France, as well as expanding to other countries. The experimental program of France should be finalized on March 2023and we intend to file an application for regulatory marketing authorization with the authorities of France for commercial marketing and product distribution. We believe this market should be one of the largest markets in the western world.”
Panaxia Global’s Israeli subsidiary, Panaxia Labs Israel Ltd. (“Panaxia Israel”), (TASE: PNAX), a global pharmaceutical company that develops, manufactures and markets advanced pharmaceutical-grade medical cannabis products, has released its financial results for the 4and quarter and fiscal year 2021.
4and Quarterly results and 2021:
The Company’s revenues as of 4and quarter of 2021 was approximately 23.8 million, an increase of approximately 40% compared to revenues of approximately 17 million in the corresponding quarter of last year.
Company revenue in 2021 was approximately $83.6 million, an increase of 37.6%, compared to revenue of approximately $60.7 million in 2020.
The increase in the Company’s revenue in 2021 is due to its growth and the sale of its products, alongside a reduction in the volume of third-party production services and retail sales to patients. Moreover, in December 2020the company has started exporting its medical cannabis oils to Germany and Cyprus.
Exports: During 2021, which was a year of penetration into the German market, the company recorded revenues from the export of medical cannabis oils amounting to approximately 5.6 million. From February 2022about a year after starting to sell cannabis oils in GermanyPanaxia ranks 3rd in cannabis oil sales in the country, occupying about 8% share in the category, despite a late entry into the German market due to restrictions on the export of cannabis. Israel.
It should be noted that the above export earnings do not yet include revenue from sales of inhaled medical cannabis extracts, the company’s flagship product, sales of which began this year. From the date of publication of the report, this will later be reflected in the demand for the purchase of the products by the patients.
About Panaxia Labs Israel
Panaxia Labs Israel, Ltd.which is traded on the Tel Aviv exchange (TASE: PNAX), is a global pharmaceutical company, which develops, manufactures and markets advanced pharmaceutical-grade medical cannabis products and is the largest manufacturer of medical cannabis products in Israel. Panaxia is a pioneer in the medical cannabis market in Israel with an EU Health Authority EU-GMP European production standard, which is required for the commercial manufacture and export of medical cannabis and its products to Europe. Panaxia specializes in the development, production and marketing of complex and advanced cannabis herbal products based on clinical information and a large database of tens of thousands of patients.
Panaxia Israel is a subsidiary of Panaxia Pharmaceutical Industries, established in 2010 by Dr. Dadi Segal (PhD), Dr. Eran Goldberg (Ph.D.) and Adv. Assi Rotbart (LL. B, BSc), as the cannabis division of the Segal Pharma Group, has been in operation for over four decades, manufacturing over 600 different pharmaceutical products distributed in over 40 countries.
Panaxia United States (a subsidiary of Panaxia Global) manufactures in North America over 60 medical cannabis products, including sublingual tablets, lozenges, oils, inhalers, and more, designed to treat conditions such as post-traumatic stress disorder, cancer, chronic pain, epilepsy, anorexia, treatment of burns and many other conditions.
To learn more about Panaxia, please visit https://panaxia.co.il.
For more information, please contact: [email protected]
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SOURCEPanaxia Pharmaceutical Industries