Elixinol Global Limited (Elixinol or the Company) (ASX:EXL; OTC:ELLXF), a global leader in the hemp derived CBD industry, innovating, marketing and selling hemp derived CBD products, releases its half year results and Appendix 4D interim report the half year ended 30 June 2020 (H1 FY2020).
Executive Director and Group CEO, Oliver Horn, commented: “In the first half of FY2020, the new Board aggressively repositioned Elixinol towards the high growth global nutraceutical wellness category, whilst dramatically reducing costs and creating new business capabilities to put ourselves in the strongest possible position for H2 and beyond.
We created leaner, more agile teams and significantly reduced cost whilst remaining focused on our strategy to create a profitable, high margin, global nutraceuticals brand. Given our strong inventory position and in line with our capital-light strategy, we exited our involvement in farming activities and temporarily decommissioned our inhouse manufacturing while the economics are in favour of an outsourced manufacturing model. We divested Nunyara assets and retained Hemp Foods Australia, which is successfully transitioning towards a more profitable model and provides the platform from which to launch Elixinol CBD products in Australia.”
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