ECS Botanics achieves first profit before tax in FY23

Business-to-business medical cannabis cultivator and manufacturer ECS Botanics has announced its full-year results, including a sharp increase in consolidated revenue and a maiden profit before tax.

According to a statement from the company on Thursday it went through a “substantial expansion phase” over the year, with $16 million in receipts from customers (up 180 per cent on FY22), driven by organic medicinal cannabis oils and dried flower.

Trading revenue was a record $15.4 million, up 191 per cent, and FY23 EBITDA for ongoing operations was $1.6 million (with an EBITDA margin 10 per cent.) 

“Several multi-year contracts signed with domestic and international customers will start in earnest in FY24, while our partnership with Sunpharma for advanced resin extraction promises increased profitability for our oil products,” said Managing Director, Nan-Maree Schoerie.

Schoerie added that manufacturing output was a record 4.2 tonnes, up 51 per cent over the 2022/23, with advancements in innovation and operations enabling improved scaling. 

“The Office of Drug Control approved the expansion of our pharmacy-grade manufacturing facility which will allow an increase to 15 acres with 26 protective cropping enclosures, lifting our potential annual production capacity to 13.7 tonnes of medicinal cannabis products to EU-GMP  standards,” said Schoerie.

ECS was established in 2018 and based in Murrabit West, Victoria.

Picture: credit ECS Botanics