Zelira Therapeutics Ltd. (OTCMKTS:ZLDAF) has announced its operational update for its quarter ended March 31, 2021. The company delivered record cash receipts of A$225,000 in the quarter thanks to growth in SprinjeneCBD sales and licensing payments.
Zelira announces record cash receipts in Q3 2021
Dr. Oludare Odumosu, the company’s managing director, said that the March quarter performance was solid, with record cash receipts for the company since its inception. He said that this shows that the company is starting to ramp up revenue. Odumosu said that Zelira Therapeutics’ focus is developing clinically validated and scientifically formulated CBD medicine and products, and that has begun to show results as commercialization ramps up. Most importantly, the company is well-positioned to ramp up the March quarter’s momentum and accelerate progress in 2021 with the launch of new products.
The quarterly cash receipts of A$225,000 in Q3 2021 were up 249% on H1 2021. The growth was mainly due to the successful launch of SprinjeneCBD oral care products in the US in December 202. With Zelira Therapeutics expects to launch a suite of products in the coming quarters, the company will be able to grow revenue through diversified revenue streams.
Zelira was appointed to the NCR Board.
In February this year, the company was appointed to the National Cannabis Roundtable (NCR) in Washington. The company’s managing director Odumosu will represent Zelira in the NCR, a non-partisan advocacy group that focuses on federal cannabis reform in the US. NCR’s honorary co-chairs include former Kansas governor Kathleen Sebelius and former US Congress speaker John Boehner. As part of NCR’s reform agenda, it seeks a balance of respect between state-legal cannabis programs with federal regulation in the US to realize legal cannabis’ potential for patients.
Odumosu indicated that the way the federal government is handling reform would have a massive impact on the people the company serves. He said that Zelira wants to deliver breakthrough therapeutics to people. Thus there is a need for a regulatory framework to allow research and enhance growth at the national level.