Innocan Pharma Corp. (CSE: INNO) (OTC: INNPF) reported its audited financial results for the year ending Dec. 31, 2024, after the markets closed on March 31.

Innocan reported revenue of $5.4 million in the fourth quarter of 2024 versus $4.8 million in the same period the previous year. However, earnings fell sequentially from the third-quarter sales of $8.6 million.

For the full year, revenue increased 114.6% year-over-year to $29.4 million, compared to $13.7 million in 2023. This significant increase in revenue was primarily due to the robust sales performance of Innocan’s subsidiary, BI Sky Global Ltd., which reported an increase in revenue from online sales platforms due to the addition of new products.

BI makes high-performance non-CBD personal care and beauty products in the United States. It currently operates in online marketplaces, with plans to expand to direct-to-consumer sales and finally evolve to physical storefronts. Innocan holds 60% of BI’s shares, while Brandzon Co. Ltd. owns the remaining 40%.

The company also reported that its operating loss decreased by 67% to $1.2 million in 2024 versus $3.8 in 2023. The company’s cash levels grew to $5 million at the end of 2024 versus $3.8 million at the end of 2023. At the end of 2024, the company had a working capital of $8,444,000, compared with $6,207,000 at the end of 2023.

“This achievement reflects our team’s unwavering commitment to excellence, innovation and strategic execution,” CEO Iris Bincovich said. “We are focused on moving ahead aggressively on our two pathways, Human & Animal, with the LTP-CDB injection, our non-opioid chronic pain management solution.”

Going concern

Despite the improvements, Innocan reported a total comprehensive loss of $262,000 and a negative cash flow from operations of $1.5 million. Additionally, the company still has $35 million of deficit accumulated since its inception. Management said it plans to address these conditions by raising additional funds and generating larger volumes of revenue.

While the company’s negative cash flows from operations decreased during 2024, it still expects its negative cash flows from operations to significantly increase in the foreseeable future due to an increase in R&D and R&D-related expenses as a result of the start of clinical trials.

Colorado has now licensed its first psychedelic healing center since passing Proposition 122, called The Center Origin.

“We are honored to lead the way in bringing regulated psychedelic services to Colorado,” said Elizabeth Cooke, co-founder and CEO of The Center Origin. “This licensure represents not only a major step forward in mental health treatment and individual and community healing, but also a commitment to safety, education and responsible care for those exploring the therapeutic and transformative potential of psychedelics.”

The Center Origin said it is dedicated to offering safe, guided psychedelic experiences facilitated by trained professionals in a controlled and supportive environment. It will also provide microdosing support to ensure a comprehensive and ethical healing process. The center said it will serve individuals seeking relief from conditions such as PTSD, depression, anxiety and end-of-life distress, among other mental health challenges.

The Center Origin said in a statement that it provides comprehensive in-house support to facilitators working with center clients and offers basic room rental services for facilitators bringing their clients. Additionally, the company said that clients are provided with thoughtfully crafted comfort items, including food and drinks, personalized gifts, and small luxuries to enhance their journey.

The clinic will not only provide a place for treatment, but has also established a training center in partnership with several Colorado Department of Regulatory Agencies-approved didactic training programs. The Center Origin’s co-founder and clinical director, Mikki Vogt, said clinical programs also include consultation services to facilitators-in-training and those seeking ongoing professional development.

In addition, the center said it offers monthly professional case conferences, a variety of ongoing provider training for continued professional development and a referral network of facilitators for clients to choose from.

Delota Corp. (CSE: NIC) reported year-over-year revenue growth of 18% for the 12-month period that ended Jan. 31, primarily driven by direct-to-consumer sales through its 180 Smoke stores and online platform.

The company announced in January that it was shifting the end of its fiscal year to March 31 from Jan. 31, meaning fiscal year 2025 will have 14 months.

Delota reported total revenue of C$40.2 million for the 12-month period, compared to C$34.1 million for the previous year. Along with the sales increase, the company reported a profit of C$561,758, a significant improvement over the year-ago loss of C$2 million.

During the 12 months, cannabis sales through Delota’s Offside Cannabis stores contributed C$3.6 million, down slightly from C$3.8 million in fiscal 2024. The company attributed the decline to the closure of two underperforming stores during the year.

CEO Cameron Wickham celebrated the results, noting that revenue during the fourth quarter pushed the company past its target of C$40 million for the year.

“Looking ahead, we are well-positioned to accelerate growth through a strategic focus on M&A, leveraging our omnichannel platform and a robust customer base of over 280,000 registered accounts,” he said. “We will also prioritize strengthening our balance sheet and driving further profitability from our existing revenue base.”

For the fourth quarter, Delota’s total revenue ticked up just 1% to C$10.3 million, compared to C$10.2 million for the same period a year ago. However, cannabis sales during the quarter jumped 10% to $881,178.

The company also turned to profitability for the three-month period, reporting net income of C$253,846 in the fourth quarter, compared to a year-ago net loss of nearly C$1 million.

For the three and 12 months ended Jan. 31, Delota’s gross margin ticked down slightly to 37% and 39%, respectively, compared to 38% and 40% in fiscal 2024.

Going concern

In regulatory filings, the company noted that the latest financial statements were prepared on a going concern basis. However, Delota noted that it expects to continue normal operations for the foreseeable future and to be able to “realize its assets and discharge its liabilities in the normal course of business.”

As of Jan. 31, the company had total liabilities of C$13.6 million against total assets of C$14.8 million.

The company said it intends to finance future requirements through a combination of debt or equity financing.