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Sativa Wellness says trading goes strongly after first-quarter revenues, profits soar

Sativa Wellness Group Inc. (LON:SWEL) said the second quarter has started “very strongly” after posting some “satisfying” first-quarter numbers.

In the three months to 31 March, the CBD company posted a 377% increase in revenue to £1.3mln, with gross profit up 234% to £707,000.

WATCH: Sativa Wellness Group revenues soar, achieving their goal of opening 30 Covid-19 testing stores

Adjusted underlying loss was halved to £404,000 and loss per share was 63% lower at 0.3p.

The group also submitted a novel food application to the Food Standards Agency ahead of the 31 March 2021 deadline.

Post-period, Sativa announced that subsidiary Phytovista Laboratories was granted accreditation for competence of testing, while Goodbody Botanicals was listed on the UK government website to offer 2- and 8-day quarantine tests for travellers returning to the UK, offering a significant opportunity for the 30 COVID testing clinics.

It also closed two tranches of its non-brokered private placement and appointed Marc Howells as its new chief executive.

“These numbers and announcements are very satisfying and are a result of the changes made on my return,” said executive chairman Geremy Thomas. 

“The direction of travel is clear. We have a new team and a clear focus on revenue growth.”

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