STENOCARE A/S NASDAQ FIRST NORTH GROWTH MARKET, DENMARK TICKER: STENO The Board of Directors and the Chief Executive Officer of STENOCARE A/S (“STENOCARE”) hereby publishes the annual report of the fiscal year 2021. The annual report including the auditor’s report is available as an attached file and on the websites of STENOCARE (https://stenocare.com/investor-relations/) and Nasdaq First North (http://www.nasdaqomxnordic.com/shares/microsite?Instrument=CSE196164).
Thomas Skovlund Schnegelsberg, CEO of STENOCARE, comments:
“Looking back at 2021, it was a year of hard work, with little to celebrate, financially. Nevertheless, significant value was created in 2021 that will prove important for 2022 and beyond
We continued selling our products in Sweden, completed the Danish facility upgrade and added more supply capacity. Towards the end of the year, the Danish legalization fell into place which provided assurance that medical cannabis is here to stay and our investments in the Danish facility are secured with the permanent legalization.
The tangible results of all our hard work in 2021 has already produced very significant news just after we concluded 2021. First, STENOCARE is now once again the only supplier of oil based medical cannabis products under the Pilot programme in Denmark. Second, we announced that the ongoing process of developing premium product is making real progress and third, we received approval to sell three new products in the UK market.
These milestones are not matched by others in Europe and point to a very interesting 2022 with an expected revenue run rate by the end of the year, that will enable an annual run rate of 15-20 million DKK (annualization of Q4 run rate).”