BRITISH CBD firm Sativa Wellness saw annual sales rise by over one-third in an eventful year which saw it undertake a reverse takeover and settle an outstanding court case.

For the year ended December 31, 2020, the company posted revenues of £1,994,000, up from £1,449,000 in 2019, however outstanding commitments and reverse takeover costs saw it record an overall loss of £4.5m for the year.

The company (formerly the Sativa Group) was created following a reverse takeover of StillCanna and is now dual-listed on the Canadian Securities Exchange and Aquis Growth Exchange in London.

Its annual accounts show it reached a settlement with fellow UK firm Dragonfly Biosciences in relation to the delayed completion of a Romanian production facility.

This is now owned by Dragonfly and Sativa’s accounts show it received a cash settlement of £200,000 with company founder Geremy Thomas telling BusinessCann the agreement included additional supply of CBD from the facility to Sativa.

Much Better Shape

In January, Mr Thomas, who owns 30% of the company returned to the board as Executive Chairman and interim CEO.

Mr Thomas told BusinessCann: “The company is in much better shape after I have resumed control. We have new senior management team, a clear set of objectives and will be revealing our new CBD strategy in due course. 

“I am excited to report on our Q1 results in a few weeks time which will show a real uptick in performance”

Sativa Wellness consists of a number of subsidiaries including Goodbody Botanicals and Phytovista Laboratories.

The Covid-19 pandemic impacted the company initially with the closure of its High Street shops however it subsequently pivoted to manufacturing hand-cleansers and testing work.

Last week Sativa announced it has appointed Marc Howells as Chief Executive Officer and Anne Tew as Chief Financial Officer