Panaxia Global Reports Record Revenues of Its Israeli Operations

July 8, 2020 | Market Watch

The Israeli subsidiary of Panaxia Global, Panaxia Labs Israel Ltd. (Panaxia Israel) (TASE: PNAX), the largest manufacturer of medical cannabis products in Israel, issued today a preliminary revenue outlook for the second quarter of 2020. The company estimates its consolidated (non-reviewed) revenues in the second quarter of 2020 will be at least 14 million.

The projected revenues for the second quarter reflect the continued growth of the company’s operations with a 350%-increase of revenues in the second quarter of 2019, which totaled 3.1 million. Compared with the revenues of Q1 2020 of 12.2 million, the projected revenues for Q2 2020 reflect an increase of over 15%.

Based on these projections, the company’s revenues in the first half of 2020 are expected to total at least 26.2 million, an increase of 357% compared with the revenues in the first half of 2019, which totaled 5.7 million.

Dr. Dadi Segal, CEO of Panaxia Global, said, “We are happy to end another quarter of record revenue, which complete 11 consecutive quarters of increased revenues. The consistent growth reflects the expansion of our operations in the Israeli market, as well as a strong vote of confidence on behalf of our patients. Concurrently, we prepare to start selling in Europe in the second half of 2020 as the first Israel medical cannabis company that is certified with EU-GMP standard for production and export of both raw materials and finished products. The EU-GMP, strategic marketing and distribution agreements entered in Europe, progress made towards completion of the production facility in Malta, and the expected receipt of regulatory marketing approvals in Germany, position Panaxia as the company that opened the door to Europe for the Israeli cannabis industry.

“We look forward to achieving this important goal concurrently with continued growth in Israel.”

Panaxia Israel: quarterly and annual revenues, in millions:

The revenue figures for the second quarter of 2020 are based on the management’s estimates at this stage and have not been audited or reviewed.

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