$1.16 million of revenue was generated in Q1 2022, almost double the $580,000 of revenue in the same period for the prior year. This growth was driven by increased sales in both its retail business operations as well as sales of wholesale bulk cannabis flower.
Net loss for the quarter decreased from $5.5 million in Q1 2021 to $3 million in Q1 2022.
In the first quarter of 2022, Juva advanced JUVA-019, a proprietary novel compound that has previously demonstrated potent anti-inflammatory properties in phenotypic assays of inflammation, from discovery into preclinical development. It also advanced JUVA-041, a second proprietary novel compound into preclinical development, further substantiating the company’s discovery strategy and technology platform.
Juva Life has filed patents on both compounds and plans to advance them through the standardized clinical stage gate in the coming months. Also on the clinical side of the company, Juva launched the Journal App that offers cannabis users a daily tracking solution to monitor how their cannabis consumption affects their personal health and wellness, furthering Juva’s mission of proving the therapeutic value of cannabis.
Additionally, the company completed the final phase of construction of its 30,000-square-foot Stockton cultivation facility, which more than doubled the growing capacity of the facility without adding additional costs, and maximizing the facility’s cultivation systems.
“As we move to the second half of the year, we are feeling extremely confident about our progress in both our life sciences research and cannabis operations,” stated Doug Chloupek, CEO and founder of Juva. “Our research team is moving at an unparalleled pace in proving the potential therapeutic value of both of our lead candidates, JUVA-019 and JUVA-041. We have already seen extremely promising preclinical results in their ability to inhibit inflammation, and we are moving them forward in their clinical pipeline as quickly as possible.”
“On the cannabis operations side, our cultivation facility in Stockton is fully complete and firing on every cylinder. The delivery business is continuing to grow, and we are so excited to have received one of the first and only retail licenses in Redwood City. All in all, Q1 was a great first quarter for Juva, and we are looking forward to sharing our Q2 results in short order.”