(Alliance News) - Shares fell in Chill Brands Group PLC on Friday as it said it expected to miss revenue targets for its current financial year, as a result of supply chain delays.
Shares in the Grand Junction, Colorado-based cannabidiol products firm were 32% lower at 5.28 pence on Friday in London.
Chill Brands said its supply chain was affected by geopolitical issues during its year ending March 31, which caused delays to the delivery of orders placed by the company's distribution partners.
In late January, Chill Brands had recognised revenue of around USD1.2 million, however due to supply chain issues, additional orders valued at USD1.0 million may not become recognised revenue at the end of the year.
In response to the disruption, Chill Brands is looking to onshore the manufacturing of its products by setting up a North American strategic partnership.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Chill Brands (CHLL)