Northwire Canada EditionTuesday, July 14, 2026
Sign inSubscribe
Northwire
⌕
WDO 26.04 −0.9% FVI 11.84 −1.6% OM 1.75 −1.7% ETG 2.99 +0.0% ARTG 31.47 −4.6% LUC 0.163 +1.6% AFM 1.38 +0.0% IMG 20.95 −3.5% CPAU 0.150 +3.5% MMX 0.075 +7.1% IE 12.47 −2.4% SASK 1.09 −1.8% MOG 0.390 +2.6% XIM 0.070 −6.7% S 0.110 −29.0% OMI 0.300 −4.8% WDO 26.04 −0.9% FVI 11.84 −1.6% OM 1.75 −1.7% ETG 2.99 +0.0% ARTG 31.47 −4.6% LUC 0.163 +1.6% AFM 1.38 +0.0% IMG 20.95 −3.5% CPAU 0.150 +3.5% MMX 0.075 +7.1% IE 12.47 −2.4% SASK 1.09 −1.8% MOG 0.390 +2.6% XIM 0.070 −6.7% S 0.110 −29.0% OMI 0.300 −4.8%
Technical Study

Neural Portfolio Company Hanf.com Reports Strong Fiscal 2024 Results with 65% Revenue Growth, Positive Cash Flow and Double-Digit Operating Margin; Continued Growth in 2025; First Half Revenues Up 31% Year-Over-Year

By The Northwire Desk — AI Analysis Oct 08, 2025 · 09:39 NURL · 0.01 Neural Therapeutics Inc.
NURL · Price

Executive Summary

  • CWE European Holdings Inc. reported audited FY2024 revenues of CAD 7.12 M, a 65% increase year‑over‑year, and achieved profitability with operating income of CAD 0.84 M and net income of CAD 0.37 M.
  • Gross profit rose 69% to CAD 4.13 M, improving the gross margin to 58.1%; cash and equivalents more than doubled to CAD 0.49 M.
  • Preliminary H1 2025 results show continued revenue growth (~31% YoY to CAD 5.0 M) but a lower gross margin (~39%) due to higher‑margin wholesale sales; operating income is essentially breakeven.

Key Details

  • Ownership: Neural Therapeutics holds 30.75 % of CWE following the Strategic Investment and Option Agreement (May 26 2025).
  • FY2024 Revenue: CAD 7,116,706 (up 65.1 % from CAD 4,310,092 in FY2023).
  • Cost of Revenue FY2024: CAD 2,983,328 (41.9 % of revenue).
  • Gross Profit FY2024: CAD 4,133,378; gross margin 58.1 % (up from 56.6 %).
  • Operating Income FY2024: CAD 838,378 (vs. a loss of CAD 633,583 in FY2023).
  • Net Income FY2024: CAD 371,372 (vs. a loss of CAD 859,510 in FY2023).
  • Cash & Cash Equivalents FY2024: CAD 489,238 (up 114 % from CAD 228,356 YoY).
  • Equity FY2024: Positive CAD 434,312 (previously negative equity).

Preliminary H1 2025 (unaudited) * Revenue: ~CAD 5.0 M vs. CAD 3.85 M in H1 2024 (+31 %).
Gross Margin: ~39 % (down from ~59 % in H1 2024) due to shift toward lower‑margin wholesale channels.
 Operating Income: Approximately break‑even at CAD 0.001 M (H1 2024: CAD 0.725 M).

Operational Highlights * Expansion of owned and franchised Hanf.com retail stores across Europe.
* Introduction of new exclusive wellness and CBD product lines contributing to sales growth.

Future Filings * Neural will file a Business Acquisition Report (BAR) within 75 days of exercising the Series A Option, including CWE’s audited FY2024 statements and unaudited H1 2025 results.

Notable Quotes

“Fiscal 2024 was a transformative year for CWE… We achieved record revenues and a return to profitability while remaining cash‑flow positive.” – Ronnie Jaegermann, CEO, CWE

All figures are presented in Canadian dollars.

Read the original news release →

More from Neural Therapeutics Inc.

Jun 12, 2026 · 07:31

Neural Therapeutics Announces AGSM Results, CFO Appointment and Welcomes Positive Developments in the German Cannabis Market

M&A / Property May 19, 2026 · 07:31

Neural Therapeutics Retail Expansion Confirms Growth Trajectory Ahead of Critical M&A Vote

Production / Operations May 01, 2026 · 08:04

Neural Therapeutics Confirms Shareholder Vote for Hanf.com Acquisition Amidst Revenue Growth and Margin Compression

M&A / Property Mar 27, 2026 · 07:32

Neural Therapeutics Announces Amendment to SIO Agreement, Concurrent Financing Terms, Shareholder Meeting Date and RSU Grant

Financings Feb 19, 2026 · 08:54

Neural Therapeutics Announces CSE Application to Acquire Full Ownership of Hanf.com, Shareholder Meeting, SIO Agreement Amendment and Concurrent Financing

Technical Study Feb 10, 2026 · 07:31

Neural Portfolio Company Hanf.com Reports Strong Fiscal 2025 Results with 58% Revenue Growth and Positive Normalized Operating Income

Earnings