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Correction: ODI Pharma hereby discloses a revised half-year report for the period July - December 2021. In the previous report, the cost of goods sold was incorrect for the period and first six months, thereby impacting the operating profit and below in profit and loss. Further, the finished goods and goods for resale in the balance sheet has been adjusted. Also, other equity including result for the period is adjusted in the balance sheet. Finally, change in inventories and ongoing works is adjusted in the cash flow statement, thereby impacting the cash flow for the period. The revised half-year report is available as an attached document to this press release and on ODI Pharma's website (www.odipharma.com).
ODI Pharma AB ("ODI" or the "Company") hereby publishes its half-year report for the period July - December 2021. The report is available as an attached document to this press release and on the Company's website (www.odipharma.com). Below is a summary of the report.
Second quarter (2021-10-01 - 2021-12-31)
The Group's net sales amounted to SEK 458,620 (0).
The Group's loss after financial items amounted to SEK -1,401,502 (-771,779).
Result per share amounted to SEK -0.09 (-0.05).*
The solidity as of 2021-12-31 was 93 % (98 %).**
Six months (2021-07-01 - 2021-12-31)
The Group's net sales amounted to SEK 458,620 (0).
The Group's loss after financial items amounted to SEK -2,576,890 (-2,039,886).
Result per share amounted to SEK -0.17 (-0.13).*
The solidity as of 2021-12-31 was 93 % (98 %).**
* The Company's result per share: The result for the period divided by the number of shares at the end of the period. The total number of shares as of 31[st] of December 2021, amounted to 15,220,000 (15,220,000) shares. The result per share based on the average number of shares of 15,220,000 (15,220,000) amounts to SEK -0.17 (-0.13) for the first six months 2021-07-01 to 2021-12-31.
** Solidity: Equity divided by total capital.
Highlights during Q2- November - ODI Pharma published its annual report for the fiscal year 2020/2021.
- December - ODI Pharma held its Annual General Meeting in the office of the Company. A summary of the resolutions can be found on the Company's website (www.odipharma.com).
Comments by CEO Derek Simmross
The second quarter of the fiscal year 2021/2022 has passed. ODI Pharma has continued to make progress in our journey to achieve a strong market position on the European market for medicinal cannabis and CBD-infused cosmetics products.
During the first quarter, we developed the launch of our exclusive CBD-infused skincare line kandol., an important step in the right direction for the brand kandol. This concluded with on October 1st, 2021 initiating a product line of a phyto CBD-infused facial cream, facial mask, and body balm on the website www.kandol.net. Since October, infrastructure build has been very successful, reaching nearly all major pharmaceutical distributors in German speaking Europe. We have also, recently come to near fruition for access to the pharma market in Sweden. Albeit Pharma is only one market access point for us.
The first phase is designed to get the product in place for consumers in store and includes bulk sales. We have started working on the second phase of implementation for online, to create demand. We expect this to be developed over the first half of 2022. This phase entails more complications than a non-CBD cosmetic brand, but we are confident of our success. The steps that we are completing now and are preparing for, represents an exciting growth of online sales but only after careful studies of partners and influencers. We believe that first half of 2022 is for study and are best spent to develop this network. Not spending now, but plan to build a significant compliment to the following years results. The reception of our products has been as good as we hoped but we still have a lot of work to do.
Tapping into what we see as great potential for our cosmetic products we continue to see it as a perfect complement for ODI Pharma's brand reputation and awareness on the European market for medicinal cannabis.
ODI has with kandol. and its medical business always strived to be a financially conservative, step-by-step, progress and we have waited to increase the cost plan for our Polish medical business, nor have the founding partners taken any salary from ODI as promised. We see our growth as exciting and we are being careful to plan ahead.
Our primary focus of providing medicinal cannabis to Polish patients should not be overlooked. Project Poland is of course our main business. We believe that in the not-so-distant future that we can provide patients with a high-quality medicine at a competitive price. We really look forward to this fantastic growth opportunity.
I want to thank our investors for your trust in ODI Pharma. Our journey is just beginning and are confident of great things in medicinal cannabis and cosmetics. I am proud of the efforts that our team is continuously making to create a strong and unique market position for ODI Pharma.
Derek Simmross
CEO, ODI Pharma AB
For more information on ODI Pharma, please contact:
Derek Simmross, CEO, ODI Pharma AB
E-mail: info@odipharma.com
This information is the type of information that ODI Pharma AB is obligated to publish pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above on 25 February 2022.
ODI Pharma AB
ODI Pharma, based on its European network, subsidiaries and partners, is a producer and representative of finished pharmaceutical cannabis products with a focus on distribution to the medical cannabis market in Europe through its subsidiary ODI Pharma Polska Sp. z o.o. ODI Pharma intends to provide a high-quality product at a competitive price compared to competitors in Poland, thereby becoming the number one provider of medical cannabis in Poland. ODI Pharma also strives to be on the forefront of understanding the medical applications of the product as well as introducing new, innovative products to the European patients in need. The Company will continue to team up with the most knowledgeable and best renown partners in the industry to achieve its goals.