Rua Bioscience Limited has released its annual results, which were in line with expectations.
The company achieved its first international sales and reached several milestones throughout the year.
These milestones include exporting cannabis genetics to Australia, signing a supply agreement with Motagon targeting Poland and Czechia, closing a local manufacturing facility, and launching the first Rua-branded medicinal cannabis product in Germany.
The company also made changes to its management team and board.
Rua reported a loss before tax of $5.96 million for the year, but remains well capitalized with cash and investments on hand.
The company has a strategy focused on outsourcing cultivation and manufacturing, conducting R&D and genetic discovery, and establishing distribution channels in export markets.
Rua successfully entered the German market and plans to expand its product offering there.
The company is also launching into the Australian market and aims to be an early mover in Poland and Czechia.
Rua has a social impact program in place, including a Compassionate Access Program and a Scholarship Program.See more