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Sativa Wellness Group reported a 38% increase in turnover to £1,994K (C$3,478K) for 2020, alongside a 4% rise in gross profit margin to 56%. Despite a net deficit of £4,505K, which included significant costs from the reverse takeover of StillCanna, the company adapted by reducing costs and pivoting to produce hand sanitiser during the pandemic. The acquisition of StillCanna enhanced their asset base with a new CBD manufacturing facility in Poland. Looking ahead, Sativa aims to leverage its Novel Foods accreditation and expand its wellness clinics.
Sativa Wellness Group has appointed Marc Howells as Director and CEO and Anne Tew as Director and CFO effective April 23, 2021. Marc Howells, with over 36 years in financial services, aims to enhance the company's strategy to become a leading wellness brand. Anne Tew, previously the Group Corporate Secretary and Head of Finance, brings extensive experience in business turnaround and growth. They succeed Geremy Thomas, who remains Executive Chairman, and Joseph Colliver, the former CFO. Both new appointments are expected to strengthen the company’s strategic direction.
Sativa Wellness Group announced that its subsidiary, PhytoVista Laboratories, has achieved ISO/IEC 17025:2017 accreditation for testing cannabinoids, granted by the United Kingdom Accreditation Service (UKAS). This accreditation enhances the company's competitiveness in regulated markets and facilitates its expansion into international markets. Sativa plans to extend its testing services to Poland and implement the ISO17025 standard there. The accreditation is viewed as a significant step toward establishing Sativa Wellness as a leader in the testing industry.
Sativa Wellness Group Inc. (CSE:SWEL)(OTC PINK:SCNNF) announced the closure of the first tranche of its non-brokered private placement, raising C$1,023,750 by selling 13,000,000 Units at C$0.07875 each. Director Clive Standish participated through Exhall Pty Ltd. Following the transaction, Standish holds 13,083,768 shares, representing 3.73% of the company. The issued securities are subject to a hold period ending on August 1, 2021, as per Canadian securities laws. The offering remains unregistered under U.S. law.
Sativa Wellness Group (OTC PINK:SCNNF) announced its listing on the UK government website for offering quarantine tests for travelers returning to the UK. This addition significantly enhances its existing COVID-19 testing services, which are projected to increase revenues. Currently, there are 24 Goodbody clinics conducting tests, with a target of 30 clinics expected to be operational by the end of April 2021. Executive Chairman Geremy Thomas emphasizes the improved service for customers and the anticipated revenue boost.
Sativa Wellness Group (OTC PINK: SCNNF) announced achieving CAD$2,000,000 in bookings within 4 months of opening its first COVID testing clinic in Bath, UK. By expanding to 17 operational clinics across the UK, including in-pharmacy locations, the company is on track to reach 30 clinics by the end of April. The easing UK travel restrictions starting in May are anticipated to bolster clinic business further, which has already thrived despite lockdown challenges.
Sativa Wellness Group has announced its Polish extraction facility has achieved accreditation for its HACCP system and compliance with GMP and GHP standards. This positions the company to adhere to high quality and safety regulations in food manufacturing.
With increasing demand for its CBD products, Sativa Wellness aims to boost its production capacity amid positive trends in the European CBD market, especially following a pivotal court ruling regarding CBD classification.
Sativa Wellness Group plans to conduct a non-brokered private placement financing of up to CDN$4,000,000 at CDN$0.07875 per unit, each consisting of one share and a half warrant, exercisable for 24 months at CDN$0.105. Proceeds will support the expansion of its wellness health screening services, including COVID swabbing and blood testing. Additionally, the company's subsidiary, Borganic Consulting, reached a settlement with Dragonfly Biosciences for a supply agreement for CBD. Executive Chairman Geremy Thomas emphasizes the financing will accelerate national expansion.
Sativa Wellness has reported COVID testing revenues reaching C$46K (£27K) daily in December from its clinics in Bath and Bristol. The company has expanded its facilities, opening its tenth testing site and planning to launch an additional twenty in-pharmacy clinics. Sativa is well positioned for growth with the anticipated easing of UK travel restrictions. Recent restructuring has enhanced its cash reserves, and the company expects substantial increases in new wellness revenue streams and recovery in CBD revenues as retail activity resumes.
Sativa Wellness Group has submitted its Novel Food application to the Food Standards Agency (FSA) before the 31 March 2021 deadline, aiming for high regulatory compliance and product quality. The application was prepared with the assistance of Global Regulatory Services and covers a variety of products, including oil-based supplements and CBD ingredients. The Company also intends to submit similar applications to the EU FSA. This milestone is seen as crucial for the Company as the CBD market may consolidate, benefiting companies prioritizing quality.
