Reduction in Accounts Receivable
The company reduced accounts receivable by approximately $7.3 million, including a reduction in the underlying balance of $2.6 million, demonstrating improved financial stability.
Malaysian Manufacturing Expansion
Secured interim nicotine product manufacturing license in Malaysia, with plans to expand to 80 production lines, enhancing strategic positioning and reducing geopolitical risks.
Innovative Age-Gating System
Filed a component PMTA for a blockchain-based age-gating system with the FDA, aiming to set new industry standards for security and compliance.
Launch of Sprout Cannabis Vapor Device
Introduced Sprout, a new cannabis vapor device developed with Raw Garden, emphasizing purity and safety, available across the U.S.
New Revenue Opportunities
Strategic focus on high-quality customers and innovative technologies expected to drive new revenue streams and improve financial performance.