Sativa Wellness Group Inc (LON:SWEL) has said it is aiming to achieve a UK FSA novel foods accreditation on or before the deadline of March 31 as the cannabidiol (CBD) specialist laid out its plans for the coming year.
In a business update, the company said it is aiming to drive sales of its Goodbody brand of CBD wellness products in the UK and launch them in Europe. The firm said it will commence online sales on its Goodbody store websites as well as expanding its product range to focus on lower price point products as well as adding more cosmetic products to deliver increased consumer and trade sales.
READ: Sativa Wellness reports record sales in December
Sativa added that it is aiming to complete the simplification of its corporate structure to reduce overhead costs, expand its coronavirus (COVID-19) testing services in the UK and achieve positive free cash flow from all of its operating businesses in the UK and Poland.
Meanwhile, the firm said it will explore and pilot other wellness and testing service opportunities and look to drive sales growth of bulk CBD isolate and distillate to pharma, cosmetic and CBD companies across the UK and Europe from its production plant in Poland.
Sativa added that it will look to grow white label sales of its product lines in the UK and Europe, utilising its CBD isolate and distillate and production facilities, and that it expects a number of competitors will fail to achieve novel foods accreditation, giving it an advantage.
The company also ran through its key achievements from the prior year, including its reverse takeover of StillCanna Inc, a number of adjustments such as staffing level reductions to offset the impact of the pandemic on sales, the launch of its Goodbody Botanicals and Goodbody Wellness product ranges, the restarting of its CBD extraction plant in Poland, as well as record sales in its fourth quarter.
“Although the world is still in the grip of the global COVID pandemic, the company has held steadfast in our commitment to building a long-term growth company in the European CBD and wellness space”, chief executive Henry Lees-Buckley said in a statement.
“Our commitment to producing and distributing the highest quality and compliant products and services to the market also remains. The company will continue to explore opportunities to develop its CBD and wellness products and services, as illustrated by the decision to offer COVID testing services”, he added.
