One of Australia's leading medicinal cannabis companies is counting the cost of a depressed market that was exacerbated by shutdowns and civil unrest in the US during FY21, although its hemp textiles and foods businesses have shown green shoots.
In its preliminary financial report released today, Sydney-headquartered Ecofibre (ASX: EOF) revealed a 43 per cent drop in revenue to $28.8 million, with a drastic change in fortunes for its bottom line that went from a $13.2 million profit in FY20 to a $7 million loss.
The lower earnings were driven by impacts on the group's Ananda Health division which sells a variety of cannabidiol (CBD) oil-based health, wellness and skincare solutions to pharmacies across the US.
