Irwin Naturals Inc. (CSE:IWIN) has highlighted its continued expansion into the high-growth cannabis and psychedelics sectors during the first half of 2023.
Releasing second-quarter results and operational highlights for the first six months, the company said its partners launched the first products to the continental cannabis market, signing 10 brand licensing deals that will see Irwin Naturals products enhanced with THC being offered in places like California, Colorado, Mississippi, Michigan, New Mexico, Oregon, Oklahoma, and Canada.
The company said it has also completed the acquisitions of several clinics and an advertising company specializing in ketamine clinics.
It said it will continue to build upon this solid foundation and make the necessary investments to support its growth objectives within the psychedelics sector.
“During the first half of 2023, we successfully launched our branded licensing initiative in our cannabis sector. Sales have exceeded our expectations and we look forward to continuing our licensing efforts in the space,” Irwin Naturals chief financial officer Sean Sand said in a statement.
“We also continued to expand our mental health footprint through the acquisition of an industry-leading marketing and patient acquisition platform, Ketamine Media, enabling greater treatment availability and market expansion.”
For the three months to June 30, 2023, the company reported a 1.5% increase in revenue to $22.1 million. Income from operations swung to a $1.9 million loss from income of $0.5 million in 2Q 2022, mainly due to the continued startup costs related to the 2022 and 2023 acquisitions at Irwin Naturals Emergence.
The company also highlighted the February 2023 completion of its acquisition of Serenity Health, LLC, one of the leading ketamine clinics in Louisville, Kentucky, and the March 2023 acquisition of Keta Media, dba Ketamine Media, an advertising company dedicated to raising awareness about the clinical use of ketamine.
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