In a call with investors Wednesday, Mota announced that the CBD brand saw revenue of C$29 million and net income of C$3.5 million in 2019
Corp () (OTCPINK:PEMTF) updated investors Wednesday on the company’s recent audit of its Nature’s Exclusive brand of CBD products and its recent acquisition of the German psychedelic medicine company Verrian Ontario Ltd.
In a conference call after the bell, Mota announced that Nature’s Exclusive, which serves consumers in the US and Europe, saw revenue of C$29 million and net income of C$3.5 million in 2019, while associated expenses were C$25.5 million.
This year, the company has already brought in revenue of more than C$13.9 million for the months of January through April, almost triple the amount it it made over the same period last year. Related expenses were C$13.5 million.
READ: Mota Ventures says Nature's Exclusive brand produced C$3.5M in net income in 2019
Mota is managing to rack up new customers too, with more than 17,613 new customers in May alone, more than 60% of whom opted for a subscription.
On the psychedelics front, the company jumped into what it called “overwhelming momentum” in the sector with the recent acquisition of Verrian, which owns a 110,000 square foot pharmaceutical manufacturing facility in Germany.
The facility and its equipment have been independently appraised at C$10.6 million, the company said, including an analytical laboratory and full pharmaceutical manufacturing suite.
"Our acquisition of Verrian is another step forward in executing our vision to use our powerful eCommerce platform for new and innovative natural health products,” CEO Ryan Hoggan said in a statement. “While we continue to grow and expand our CBD business units, we will also be ready to fully commercialize the technology created by Verrian.”
That process is already underway. The business has invested more than C$2 million in clinical trials with two studies already ongoing, Mota said.
Verrian’s pipeline includes PSI Gen and PSI Gen+, natural psilocybin extracts from organic mushrooms combined with metabolism-enhancing natural herbs designed to achieve opioid addiction reduction.
Hoggan believes Mota and Verrian can take a holistic approach in helping to curb the opioid epidemic.
“I look forward to working with Verrian's incredibly talented team of clinical researchers and addiction medicine professionals within our existing ecosystem as it will uniquely position us as a leader in psychedelic medicine," he said.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
