The Kentucky-based company has three priorities for the second half of the year: introducing e-commerce capabilities to pharmacies in May; Product innovation; and expansion of the CVS pharmacy platform.

Ecofibre said it is investing in the Australian market in preparation for its over-the-counter cannabidiol therapy and is also focusing on clinical research to support its product pipeline.

The gross margins for the full year 2020-21 were reduced from 76 percent in the previous year to 61 percent. After the acquisition of TexInnovate by Hemp Black, a portfolio of five companies with technical know-how in a wide range of high-performance textile areas,

Mr. Wang said in a statement to ASX on Tuesday that Ecofibre has high quality growth stocks across its portfolio and remains strong believers in its select natural health, environmentally sound performance materials and plant-based foods industries.

“We expect Ananda Health’s sales, profitability and cash flows to increase in FY22.
Hemp Black will acquire long-term customers in FY22 and continue to invest in growth and innovation to capitalize on strategic opportunities, ”he said.

“Ananda Food’s growth will continue in Australia and access to the attractive US market for hemp food and seeds will increase operational size.”

Investors liked the more positive outlook, which pushed the stock up 2 ¢ to 77 ¢ on Tuesday.

Long-time key supporter and chairman, Barry Lambert, plans to step down as chairman at this year’s annual meeting and will be replaced by Vanessa Wallace, who joined the board as vice chairman on July 1. Ms. Wallace is also the director of Wesfarmers and Seek.