Medical cannabis company BOD Australia announces their budding success, after getting close to a positive cash position in 2020.
BOD Australia (ASX: BOD) is a publicly-traded medical cannabis company, founded in 2014. At the end of FY2020, the company has released their audited financial results, announcing their revenue has increased by 350% since FY2019. In FY2020, BOD’s total income came to a total of $6.1 million.
While the company still has a negative cash balance of $4.8 million after income tax, their loss decreased by 37% since FY2019. Last financial year, the company recorded a $7.6 million loss.
BOD have attributed their growth over the past twelve months to the growth in sales in Australia and the UK. In Australia, BOD sells CBD oil and wafers through the MediCabilis label. Over the past twelve months, 4,000 MediCabilis prescripted were filled, with 80% of these purchased by repeat patients.
In 2021, BOD is anticipating a further drop in their operating costs, after decreasing marketing costs by 57.2% earlier this year. In a company statement, CEO Jo Patterson was quoted as saying:
Bod expects that revenue will further increase during FY2021, driven by recurring sales orders, new product launches and international expansion.
Back in June, BOD also announced they were participating in Project Twenty21, a study into the treatment outcomes of medical cannabis patients. BOD are also conducting an internal study into CBD and anxiety.
BOD has told the media they intend to expand their CBII range into the USA in the coming years, targeting the UK market in 2021. The CBII range includes full-spectrum hemp extract products launched in Australia last November. They are also partnering with Swisse to launch hemp-based products in the USA and parts of Europe.
To learn more about BOD, view our cannabis company database entry here.