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CB2 Insights reports double-digit increase in 2Q revenue

For the quarter ended June 30, CB2 said its revenue was C$3.3 million, a 14.3% increase over the previous quarter

CB2 Insights - CB2 Insights reports double-digit increase in 2Q revenue
The Toronto-based company gathers point-of-care data in the medical cannabis space

CB2 Insights (CSE:CBII) (OTCMKTS:CBIIF) announced fiscal second quarter results after the bell Wednesday showing a double-digit increase in revenue. 

For the quarter ended June 30, CB2 said its revenue was C$3.3 million, a 14.3% increase over the previous quarter and that did not include revenue from the company's recent New Jersey Alternative Medicine acquisition, which would have added an estimated C$700,000 for the period, the company said in a statement.

The group reported a gross profit of C$2.1 million, which translated into a gross margin of 65.3%. The company said it believes that the gross margin will increase within the next quarter by way of economies of scale from its recent acquisitions.

READ: CB2 Insights names former Johnson & Johnson executive to its board of directors

CB2's operating expenses increased quarter-over-quarter by C$671,000, due in large part to newly acquired clinics in Colorado and Arizona as well as certain legacy expenses related to these clinics, it said.

However, the company saw a narrowing net loss of C$1.9 million, compared to a net loss C$2.2 million in the prior quarter.

CB2 ended the second quarter with cash on hand of C$1.3 million.

The Toronto-based firm gathers point-of-care data in the medical cannabis space with the goal of making treatment more mainstream.

“Our clinical business continues to grow within our US patient registry, and we are also unlocking opportunities to leverage our experience in new international markets,” said CB2's CEO Prad Sekar. “There is now substantial demand in the market for solutions related to clinically-driven product research.”

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