Irwin Naturals Inc. (CSE:IWIN) has reported results for the first quarter of its 2023 financial year, highlighting its expansion into the high-growth cannabis and psychedelics sectors as it acquired clinics and signed brand licensing deals.
The nutraceuticals company told investors it launched the first products to the continental cannabis market and signed 10 brand licensing deals that will make its THC-enhanced products available in locations including California, Colorado, Mississippi, Michigan, New Mexico, Oregon, Oklahoma, and Canada.
It also noted that it has acquired 13 clinics and an advertising company specializing in ketamine clinics to support its growth objectives in the psychedelics sector.
“During the first quarter of 2023, we launched the first products related to our licensing in our cannabis sectors,” the company’s chief financial officer Sean Sand said in a statement.
“We expanded our mental health clinics footprint in Kentucky through an acquisition and acquired an advertising platform to expand our customer outreach at our mental health clinics.”
For the quarter ended March 31, 2023, the company said revenue remained steady at $22.5 million, while it reported a loss from operations of $1.5 million, down from income of $2.5 million a year earlier, due to the continued start-up costs from its 2022 and 2023 acquisitions. A net loss of $707 million includes $6.5 million of impairment charges related to the 2022 acquisitions.
Another highlight of the quarter was a $40 million credit facility secured with its existing commercial lender, which can potentially be raised to $60 million, the company said.
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