Relevium, which at one time had an emphasis on hemp/CBD as well as medical cannabis products, appears to be laboring under the market lull that has affected a number of hemp/CBD firms. The combination of a shift in buying behaviors brought on by the pandemic coupled with continued regulatory uncertainty in the US market has put many smaller hemp/CBD firms under pressure.
In the case of Relevium, it’s hard to say exactly what the company’s financial position is because it has not filed financial statements for a number of months. As a result, in early November Canadian regulators slapped a management cease trading order (MCTO) on the company, preventing any officer from selling shares of the company’s stock. The idea behind a MCTO is to prevent company officers from profiting from information that is not supplied to the market at large.
From hemp to — gloves?
Several bits of news put out by the company point to a firm that’s struggling to find direction.
Earlier in November, the company announced two deals worth a total of about $11.7 million to supply medical grade nitrile gloves. The press release announcing this news described the company this way: “Relevium Technologies is a publicly traded company, focused on international procurement, logistics, and delivery of PPE into the North American marketplace.”
At the time of the announcement of the PPE contracts, the company said the deals would more than double the company’s annual revenue, which in the prior two years (2018 and 2019) had been about $4 million.