Cure Pharmaceutical Co., an Oxnard-based drug delivery product company that owns the CBD brand Sera Labs, reported rising revenue and shrinking losses for the quarter ended June 30.
Cure’s net loss for the second quarter of 2021 was $1.3 million, down from a loss of $13.4 million in the same quarter of 2020. Total revenue for the most recent quarter was $2.1 million, up from $269,000 a year earlier.
In addition to the big increase in revenue from product sales, Cure reported $2.4 million in other income from an arbitration settlement. Cure was in a dispute with Canopy Growth, a major cannabis company based in Ontario, Canada, over a licensing agreement that allowed Canopy to sell Cure’s CBD products. The arbitration case was settled in Cure’s favor in May.