Toronto, Ontario–(Newsfile Corp. – October 8, 2025) – Neural Therapeutics Inc. (CSE: NURL) (FSE: HANF) (“Neural” or the “Company”), an ethnobotanical drug discovery company focused on therapeutic solutions for mental health conditions, together with its portfolio company CWE European Holdings Inc. (“CWE”, operating as Hanf.com), one of Germany’s leading hemp- and CBD-based retail platforms, is pleased to report the audited financial results of Hanf.com for the fiscal year ended December 31, 2024.
Neural currently holds a 30.75% ownership interest in CWE following completion of a Strategic Investment and Option Agreement on May 26, 2025, providing Neural indirect exposure to CWE’s expanding European operations (see Neural press releases dated August 13, 2025 and May 28, 2025).
CWE FY2024
These audited financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”) and the financial statements for the year ended December 31, 2024 audited by Ovadia Kriheli & Co., Certified Public Accountants, an independent member firm of BOKS International.
Total revenues for the year ended December 31, 2024 were up sharply by 65% to $7.1 million, as compared to $4.3 million for the year ended December 31, 2023. Revenue growth was driven by a combination of new retail stores opening (both directly owned and franchised), as well as same store sales growth due to an expanding product portfolio and overall market dynamics favoring wellness related products;
Gross profit for the year ended December 31, 2024, increased 69% to $4.1 million, as compared to $2.4 million for the prior year, representing an improvement of approximately 1.5% in the gross profit margin, up to 58.1% from 56.6% in FY2023;
Operating profit for the year ended December 31, 2024 came in at $838,378, a significant improvement over FY2023’s $633,583 loss;
Cash flow positive operations resulted in cash and equivalents of $489,238 as at December 31, 2024 up from $228,356 as at December 31, 2023, a 114% increase.
First Half 2025 – six months ending June 30, 2025
Preliminary, unaudited management-prepared financial information for the six months ended June 30, 2025 indicates continued revenue growth of approximately 31% versus the same period in 2024, with total revenues estimated at approximately $5.0 million, compared to $3.85 million in the same period in 2024. Gross margin declined to ~39% (from ~59% in H1 2024) as a larger share of sales came from lower-margin wholesale channels rather than retail. Selling and administrative expenses remained roughly in line at ~39% of revenue, though general administrative costs rose slightly due to new public company expenses. Overall, the period was operationally breakeven at about $0.001 million in operating income (H1-2024: $0.725 million). Profitability remained positive on a normalized operating basis, supported by further expansion of Hanf.com’s owned and franchised retail footprint and the introduction of new wellness and CBD product lines.
These preliminary results are based on internal management accounts and have not yet been reviewed or audited. Finalized interim financial statements will be included in the forthcoming Business Acquisition Report (“BAR”) to be filed by Neural in accordance with National Instrument 51-102 – Continuous Disclosure Obligations.
CEO Commentary
Ronnie Jaegermann, Chief Executive Officer of CWE, commented: “Fiscal 2024 was a transformative year for CWE. We achieved record revenues and a return to profitability while remaining cash-flow positive. Our strong performance in the first half of 2025 reflects the effectiveness of our business model and market dynamics supporting growth of the natural wellness product category. With expansion of both corporate and franchised Hanf.com stores, as well as several new exclusive product lines, we believe CWE is on track to become Europe’s leading CBD and wellness retail network. We look forward to continuing reporting on our progress on a regular basis.”
Upcoming Filing of Business Acquisition Report
Neural anticipates filing the BAR relating to its acquisition of a 30.75 % interest in CWE European Holdings Inc. within the prescribed 75-day period following completion of the exercise of the Series A Option, described in the Neural press releases dated August 13, 2025. The BAR will include CWE’s audited financial statements for FY 2024 and unaudited interim statements for H1 2025 prepared under IFRS.
About Neural Therapeutics Inc.
Neural Therapeutics is a leader in ethnobotanical drug discovery, focusing on the development of therapeutic drugs for mental illnesses related to substance use disorders, including alcohol and opioid dependence. The Company’s innovative approach to drug development involves the strategic use of sub-hallucinogenic doses of mescaline extract, enhancing safety and scalability while maintaining therapeutic efficacy.
On May 26, 2025, Neural entered into a Strategic Investment and Option Agreement with CWE European Holdings Inc., a leading CBD hemp retailer in Germany operating under the brand Hanf.com, to acquire up to 100% of CWE through a multi-stage transaction. The transaction is expected to expand Neural’s commercial footprint in Europe while maintaining its core commitment to drug discovery and mental health innovation. On August 12, 2025 Neural and CWE completed the first part of the transaction, whereby Neural acquired 30.75% interest in CWE.
For further inquiries, please contact:
Neural Therapeutics Inc.
Ian Campbell, CEO
T: +1 (647) 697-NURL (6875)
Marc Lakmaaker
T: +1.647.289.6640
Cautionary and Regulatory Statements
Basis of Presentation: Unless otherwise noted, all financial figures are presented in Canadian dollars. Fiscal 2024 figures are audited IFRS results for CWE European Holdings Inc.; comparative 2023 information is unaudited. Preliminary H1 2025 data are unaudited, derived from management accounts, and subject to change upon completion of review procedures. Readers are cautioned that these figures may differ materially from finalized statements included in the BAR.
Non-GAAP Measures: Certain terms such as gross profit, operating profit, and cash flow from operations do not have standardized meanings under IFRS and may not be comparable to similar measures reported by other issuers. These are provided for informational purposes and should not be considered substitutes for IFRS-based results.
Forward-Looking Information: This release contains forward-looking statements (“FLS”) regarding, among other matters, expected performance of CWE European Holdings Inc., timing of the BAR filing, future store openings, new product introductions, Neural’s strategic objectives and its ability to satisfy applicable continuing disclosure requirements. FLS are based on current expectations and involve inherent risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on such information. FLS are often identified by words such as “will”, “may”, “should”, “anticipate”, “expect”, “plan” and similar expressions. These statements are not statements of historical fact, but rather predictions about future events and are inherently subject to risks and uncertainties. FLS are qualified in their entirety by this cautionary note and by the risk factors described in Neural’s filings available at http://www.sedarplus.ca. The Company undertakes no obligation to update such statements except as required by law.
U.S. Securities Law Disclaimer: The securities of Neural Therapeutics Inc. have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold within the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act without registration or applicable exemption. This press release does not constitute an offer to sell or the solicitation of an offer to buy Neural’s securities in the United States or any other jurisdiction where such an offer or sale would be unlawful.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Financial Results, CWE Holdings, FY2024
These audited financial statements were prepared in accordance with international financial reporting standards (“IFRS”) and the financial statements for the year ended December 31, 2024 audited by Ovadia Kriheli & Co, Certified Public Accountants, an independent member firm of Boks international.
Condensed Consolidated Statement of Profit or Loss of
CWE European Holdings Inc. All figures in CADYear ended December 31,YoY %
Change20242023$(audited)% of
revenue$(unaudited)% of
revenueRevenues7,116,706100.0%4,310,092100.0.1%Cost of revenue2,983,32841.9%1,871,01343.4.4%Gross profit4,133,37858.1%2,439,07956.6.5% Expenses Selling1,775,03824.9%1,738,93540.3%2.1%General and Administration1,512,24721.2%1,099,06025.5.6%Write off bad debts-0.07,7618.5%n/aOther expenses (income)7,7150.1%(133,094)
-3.1%n/aTotal Expenses3,295,00046.3%3,072,66271.3%7.2% Operating Income (loss)838,37811.8%(633,583)
-14.7%Income Taxes and Net Finance Charges(467,006)
-6.6%(225,927)
-5.2%Net Income (loss)371,3725.2%(859,510)
-19.9%
Condensed Consolidated Statement of Financial Position of
CWE European Holdings Inc. All figures in CADAs at December 31,202420232022(audited)(unaudited)(unaudited)AssetsCash and Cash Equivalents489,238228,356381,744Other Current Assets1,319,290942,636780,948Non-current assets1,327,904873,8401,417,409Total Assets3,136,4322,044,8322,580,101 Liabilities and EquityCurrent Liabilities1,972,9332,002,7232,055,780Long-term loans-5,958198,288Lease Obligations729,187437,835570,322Total Liabilities2,702,1202,446,5162,824,390Total Equity434,312(401,684)(244,289)Total Liabilities and Equity3,136,4322,044,8322,580,101
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SOURCE: Neural Therapeutics Inc.
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