Zelira announces record revenue in the march quarter

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Zelira Therapeutics (ASX:ZLD) says it generated record quarterly product sales and licensing revenues of $225,000 for the March 2021 quarter, up 249 per cent from the previous six months.

The company said the March quarter performance was its strongest since its inception and "clearly demonstrates" the start of its commercialisation ramp up.

It said revenue growth was largely driven by the successful December 2020 launch of the SprinjeneCBD oral care product in the US. Zelira said planned product launches over the next two quarters will see a further boost to its revenue.

Managing director Dr Oludare Odumosu said, "Our long-term focus to develop a portfolio of clinically validated and scientifically formulated cannabinoid medicine and consumer products is starting to bear fruit. The strong growth in March quarter revenue marks a key turning point for the Company. We are well placed to build on the March quarters’ momentum and accelerate our progress in 2021 as we launch new products and expand into new geographies.”