Israeli Company Reports Record 2023 Revenue, Wants To Transition Cannabis Operations To 'Third Party'
Portfolio Pulse from Jelena Martinovic
Evogene Ltd. (NASDAQ:EVGN) reported a 237% increase in annual revenue for 2023, totaling $5.6 million, despite a 12% decrease in Q4 revenue year-over-year. The company highlighted its successful collaborations and is considering transferring its medical cannabis subsidiary, Canonic Ltd., to a third party due to challenging market conditions. Despite these developments, Evogene's shares dropped 4.43% in pre-market trading.
March 07, 2024 | 2:20 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Evogene Ltd. reported significant annual revenue growth and is exploring the transfer of its medical cannabis subsidiary due to market challenges. Shares fell 4.43% in pre-market trading.
The significant increase in annual revenue highlights Evogene's growth and successful collaborations. However, the decision to potentially transfer its medical cannabis subsidiary reflects challenges in the cannabis sector, which, combined with the pre-market share price drop, suggests a negative short-term impact on the stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100