The Israeli subsidiary of Panaxia Global, Panaxia Labs Israel Ltd. (“Panaxia Israel”) (TASE: PNAX), Israel’s largest manufacturer of medical cannabis products, today announced its estimated revenues for the first quarter of 2021. According to Panaxia’s estimates, its consolidated (unaudited) revenues for the first quarter of 2021 are expected to reach no less than 19 million.
Estimated total revenues in the first quarter of 2021, which reflect a continuation of the growth trend in Panaxia’s operations and constitute growth of over 56% compared to revenues in the corresponding quarter the previous year, which amounted to approximately 12.2 million.
Compared to revenues in the fourth quarter of 2020, which amounted to approximately 17 million, the estimated revenues reflect double-digit growth in excess of 12% in the first quarter.
Dadi Segal, CEO of Panaxia Israel, said, “We are proud to close out the first quarter of 2021 with record revenues and double-digit growth compared to the previous and corresponding quarter the previous year. This quarter’s results are the initial results of the implementation of Panaxia’s export strategy, with the commencement of sales of our premium products in Germany and Cyprus. These two markets are strictly regulated and require that medical cannabis products be dispensed to patients according to a prescription for a specific brand. We are focused on deepening penetration of these markets and others in Europe in the coming quarters, as well as our focus on the production of products for the premium sector in the local market.”