Yooma Wellness Inc (CSE:YOOM, OTC:LVVEF, AQSE:YOOM) said it is continuing to work with advisors at Canaccord Genuity (TSX:CF, LSE:CF) to assess its strategic options.
These may include a sale of assets or further M&A “if financing can be secured on acceptable terms”, said chairman Lorne Abony.
“We look forward to providing an update once our review is complete," he added.
The wellness company made the update alongside first-quarter results, which revealed a strong rise in revenues to US$3.2mln from US$603,680, This was the result of the acquisitions it made last year, including Vitality CBD in Europe and Vertex in Japan.
Yooma posted a net loss of US$2.7mln for the three months ended March 31 2022 as its cost of sales and business overheads outstripped turnover.
"Revenues and gross profit have both significantly increased, year-over-year, and we expect to start seeing returns on our efforts to rationalise and streamline Yooma's global platform in the near-term,” said chief executive Jordan Greenberg.