{"id":215181,"date":"2022-12-23T11:11:01","date_gmt":"2022-12-23T11:11:01","guid":{"rendered":"https:\/\/theindustry.beauty\/?p=215181"},"modified":"2022-12-23T14:34:28","modified_gmt":"2022-12-23T14:34:28","slug":"cellular-goods-posts-almost-6m-loss","status":"publish","type":"post","link":"https:\/\/theindustry.beauty\/cellular-goods-posts-almost-6m-loss\/","title":{"rendered":"Cellular Goods posts almost \u00a36m loss"},"content":{"rendered":"

Cellular Goods, the cannabinoid skincare company, has posted widening losses for the past year after it witnessed delays to growth.<\/strong><\/p>\n

<\/p>\n

Shares in the company, which is developing skincare products using cannabis-derived chemicals, fell in early trading after it posted a \u00a35.99 million pre-tax loss for the year to 31 August 2022, growing from a \u00a33.33 million loss last year.<\/p>\n

It said the loss was driven by higher costs as it ramped up commercial operations, and invested more in marketing and growing its brand.<\/p>\n

The firm also recorded \u201cslower than expected\u201d product sales, blaming \u201cchallenging industry and regulatory conditions\u201d.<\/p>\n

Cellular Goods only delivered \u00a328,904 of revenues for the year after new product launches and increased production were pushed back.<\/p>\n

The release of its ingestible products was held up by regulators earlier this year and the business shifted its focus to skincare adding three new formulas in September<\/a><\/span>.<\/p>\n

The group told shareholders that trading over the three months since the end of August \u201cimproved significantly\u201d, as bosses highlighted \u201ccautious optimism\u201d.<\/p>\n

David Beckham owns a roughly 5% stake in the company, which raised \u00a313 million when it launched on the stock market early last year amid growing fanfare about the cannabinoid sector.<\/p>\n

Cellular Goods also recently announced its intention to acquire rival Cannaray Brands in a reverse takeover deal.<\/p>\n

Darcy Taylor, chairman of the business, said: \u201cDespite achieving major operational milestones during the year, significant investment in new products and a broad-scale marketing campaign that meaningfully boosted our brand awareness, it did not translate to our revenue growth expectations due to a challenging market and regulatory environment that is affecting the growth of both the industry and the company.<\/p>\n

\u201cIn response, we have halved our annual cost base and continue to look for further cost optimisation as we invest in the business to position it for a significant turnaround when trading conditions normalise.<\/p>\n

\u201cWe are also in negotiations for an acquisition to provide greater scale in a highly fragmented market, accelerate growth and generate long-term value for shareholders.\u201d<\/p>\n

Main image: Helena Christensen appears in a Cellular Goods campaign<\/p>\n","protected":false},"excerpt":{"rendered":"

\u2026 ...<\/a><\/p>\n","protected":false},"author":105,"featured_media":210401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,22360,10494],"tags":[17226,23159,17227,23158,10061],"acf":[],"yoast_head":"\nCellular Goods posts almost \u00a36m loss - TheIndustry.beauty<\/title>\n<meta name=\"description\" content=\"Cellular Goods, the cannabinoid skincare company, has posted widening losses for the past year after it witnessed delays to growth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theindustry.beauty\/cellular-goods-posts-almost-6m-loss\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cellular Goods posts almost \u00a36m loss - 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