Public Companies
Irwin Naturals’ Psychedelics Expansion Costs Build Through Q2
Total losses for the year so far are at $13.1 million.
The post Irwin Naturals’ Psychedelics Expansion Costs Build Through Q2 appeared first on Green…
Nutraceutical firm Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) continued to pay for its expansion into psychedelics clinics, posting a $5.4 million loss in the second quarter ended June 30, down from a $111,000 profit for the same period a year ago.
Total losses for the year so far are at $13.1 million, Irwin reported in its quarterly financials, and attributed the ongoing losses to “continued startup costs related to the company’s 2022 and 2023 acquisitions at Irwin Naturals Emergence,” a string of ketamine clinics Irwin purchased.
Although revenue was up slightly to $22.1 million from $21.8 million year-over-year, operating income crashed through the floor from a $500,000 profit last year to a $1.9 million loss this past quarter, Irwin reported.
In the first half of 2023, Irwin Naturals doubled down on its expansion into the psychedelics sector, with the purchase of Serenity Health LLC, a ketamine clinic in Louisville, Kentucky, in February and again when its acquisition of Keta Media closed in March.
At the same time, the company reported continuing expansion with its existing marijuana product lines, with 10 brand licensing deals executed so far this year in California, Colorado, Mississippi, Michigan, New Mexico, Oklahoma, Oregon, Oklahoma, and Canada.
“During the first half of 2023, we successfully launched our branded licensing initiative in our cannabis sector,” CFO Sean Sand said in a statement. “Sales have exceeded our expectations and we look forward continuing our licensing efforts in the space. 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.”
Irwin, which was founded as a nutraceutical company prior to expanding into cannabis and psychedelics, also still has non-psychoactive products in over 100,000 mainstream retail stores across the U.S.
The post Irwin Naturals’ Psychedelics Expansion Costs Build Through Q2 appeared first on Green Market Report.
ketamine psychoactive psychedelics irwin naturals-
Psychedelics1 week ago
Revive Therapeutics Announces Type C Meeting Request Granted by FDA for Clinical Study of Bucillamine to Treat Long COVID
-
Psychedelics1 week ago
Algernon NeuroScience and the Centre for Human Drug Research to Present DMT Phase 1 Stroke Clinical Data at the Interdisciplinary Conference on Psychedelic Research June 6 – 8th, 2024
-
Law & Regulation1 week ago
Tryp Therapeutics merger with Exopharm approved by shareholders
-
Psilocybin1 week ago
Passover Perspectives: Psychedelics, Moses, and the Burning Bush
-
Psychedelics1 week ago
atai Life Sciences Announces Dosing of First Patient in Part 2 of Beckley Psytech’s Phase 2a Study Exploring BPL-003 Adjunctive to SSRIs in Patients with Treatment Resistant Depression
-
Psilocybin1 week ago
Psilocybin and Meditation: Unlocking the Potential for Enhancing Insightfulness
-
Psychedelics1 week ago
Silo Pharma Announces Positive Results for Intranasal PTSD Treatment
-
Psilocybin1 week ago
Psilocybin and Meditation: Unlocking the Potential for Enhancing Insightfulness