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Yooma Wellness Inc on Tuesday reported a widened loss in the first quarter of the year, as it mulls asset sales or further acquisition prospects.
Yooma is a Toronto, Canada-based CBD and cannabis-related wellness products maker.
For the three months ended on March 31, revenue was $3.2 million compared to $603,680 in the same period a year ago.
The company had a comprehensive loss of $3.1 million, widened from $2.4 million in the earlier year. Net loss also widened to $2.7 million from $2.4 million during the same period a year ago.
Yooma Chief Executive Officer Jordan Greenberg said: ‘A number of Yooma's key acquisitions from 2021 are performing well, including Vitality CBD in Europe and Vertex Co Ltd in Japan. Revenues and gross profit have both significantly increased, year-over-year, and we expect to start seeing returns on our efforts to rationalise and streamline Yooma's global platform in the near-term.’
The firm said it is reviewing potential options, ‘which may include a sale of assets or further M&A’ should appropriate financing be secured.
Yooma Wellness shares were untraded on Tuesday at 9 pence, down from 54.5 pence in August last year.
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