CBD-Focused Pharma Co. Innocan Reveals 433% YoY Increase In 2023 Revenue As It Pursues FDA Approval
Portfolio Pulse from Jelena Martinovic
Innocan Pharma Corporation reported a 433% year-over-year revenue increase for fiscal 2023, totaling $13.6 million. This growth is attributed to strong sales from its subsidiary, B.I. Sky Global Ltd. Innocan is also pursuing FDA approval for its human pharmaceutical applications, with pre-investigational new drug applications expected to be submitted soon. The company's LPT platform, which involves injectable CBD encapsulated in liposomes, has shown promising results in pre-clinical trials for chronic pain and drug-resistant epileptic seizures.

February 13, 2024 | 8:22 pm
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POSITIVE IMPACT
Innocan Pharma Corporation reported a significant revenue increase and is progressing towards FDA approval for its LPT platform, indicating strong business growth and potential market expansion.
The substantial revenue growth and the pursuit of FDA approval for Innocan's LPT platform are likely to be viewed positively by investors. The successful pre-clinical trials and the potential for a new, effective CBD delivery system could significantly impact the company's market position and stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100