Overview of Elixinol Wellness and recent divestment

Elixinol Wellness Ltd (ASX: $EXL) has received proceeds of US$1,500,000 (approx. A$2,300,000) from the divestment of its minority stake in Altmed Pets, LLC (Pet Releaf). This sale marks a significant step in the Group's progress towards break-even, following Group revenue of $3M during Q1 FY24.

Executive commentary on recent divestment

The sale of our minority stake in Altmed Pets, LLC (Pet Releaf) represents a strategic move as we focus on our expanded brand portfolio in Australia. The proceeds from this divestment will further support our efforts to achieve break-even and continue our positive momentum in the market.

Summary of recent announcement and outlook

Elixinol Wellness Ltd (ASX: $EXL) has successfully received $2.3 million from the sale of its Pet Releaf stake, contributing to the Group's progress towards break-even. The company's strategic focus on its expanded brand portfolio in Australia has shown promising results, with record Q1 revenue of $2.5 million. With the proceeds from the divestment, Elixinol aims to continue its positive momentum and further strengthen its position in the market.