Source: BioHarvest Sciences
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • BioHarvest Sciences Inc. (BHSC) expects strong revenue growth to continue in 2022 due to a successful over-delivery of projected revenue targets from last year
  • It is estimating its 2022 revenue to be between US$5 million to US$7 million
  • It will continue to hire additional scientists, conduct further clinical trials, and invest further into its IP portfolio this year
  • BioHarvest is a biotech firm that developed a patented bio-cell growth platform technology capable of growing useful ingredients at an industrial scale
  • BioHarvest Sciences Inc. (BHSC) is up 2.86 per cent trading at $0.36 per share as of 1:25 p.m. EST

BioHarvest Sciences Inc. (BHSC) expects strong revenue growth to continue in 2022 due to a successful over-delivery of projected revenue targets from last year.

It is estimating its 2022 revenue to be between US$5 million to US$7 million, representing a growth of 2.5- 3.5 times the amount from 2021.

The range in revenue guidance is due to two primary factors: how quickly the biological technology transfer to its new 20 ton/year facility is completed, and regulatory timelines for the conversion of the existing 2 tons/year facility from VINIA to the production of cannabis.

The second is regulatory timelines influencing the conversion of the existing facility from its VINIA product to the production of cannabis.

BioHarvest is also projecting to achieve break-even cash flow in 2023 when the business reaches its first scaling point.

BioHarvest plans to continue to heavily invest in R&D and increase manufacturing capacity for its cannabis vertical in Israel and abroad.

This year, BioHarvest will continue to hire additional scientists, conduct further clinical trials, and invest further into its IP portfolio.

The company also recently applied for a new patent relating to its cannabis scale-up process.

This is due to successfully growing cannabis in industrial bioreactors which achieved a 700 per cent production scaling increase.

BioHarvest is the only company in the world capable of growing cannabis cells to produce biomass without needing to grow a cannabis plant.

BioHarvest is a Canadian biotech firm that developed a patented bio-cell growth platform technology capable of growing useful ingredients at an industrial scale.

BioHarvest Sciences Inc. (BHSC) is up 2.86 per cent trading at $0.36 per share as of 1:25 p.m. EST.

More From The Market Herald

" Potent Ventures (CSE:POT) is now “The Gummy Project Inc.”

Potent Ventures (POT) has received shareholder and CSE approval for its change of business.
Canopy Growth - CEO, David Klein

" Canopy Growth (TSX:WEED) reports Q4 and FY2022 financial results

Canopy Growth Corporation (WEED) has released its financial results for the fourth quarter and fiscal year ended March 31, 2022.