What Sativa does
Now, through its merger with Canada-listed Stillcanna it is aiming to cement its position in Europe as well.
Sativa has capitalised on its first-mover advantage and following the legalisation of medicinal cannabis in the UK in late 2018 has evolved to focus on the development of an integrated seeds-to-sale business.
Chief executive Henry Lees-Buckley, a former global executive at Fortune 500 industrial supply firm WW Grainger, was appointed in August 2019 and has set about on refining the strategic focus and reorganising the operations.
How it’s doing
In January, Sativa said it is aiming to achieve a UK FSA novel foods accreditation on or before the deadline of March 31 as the cannabidiol (CBD) specialist laid out its plans for the coming year.
In a business update, the company said it is aiming to drive sales of its Goodbody brand of CBD wellness products in the UK and launch them in Europe.
The firm said it will commence online sales on its Goodbody store websites as well as expanding its product range to focus on lower price point products as well as adding more cosmetic products to deliver increased consumer and trade sales.
Sativa added that it is aiming to complete the simplification of its corporate structure to reduce overhead costs, expand its coronavirus (COVID-19) testing services in the UK and achieve positive free cash flow from all of its operating businesses in the UK and Poland.
Meanwhile, the firm said it will explore and pilot other wellness and testing service opportunities and look to drive sales growth of bulk CBD isolate and distillate to pharma, cosmetic and CBD companies across the UK and Europe from its production plant in Poland.
Sativa added that it will look to grow white label sales of its product lines in the UK and Europe, utilising its CBD isolate and distillate and production facilities and that it expects a number of competitors will fail to achieve novel foods accreditation, giving it an advantage.
What the boss says:
Although the world is still in the grip of the global COVID pandemic, the company has held steadfast in our commitment to building a long-term growth company in the European CBD and wellness space”, chief executive Henry Lees-Buckley said.
“The company will continue to explore opportunities to develop its CBD and wellness products and services, as illustrated by the decision to offer COVID testing services”, he added.
- Merger with StillCanna completed
- Strong sales continue
- Integration benefits and expansion in Europe