Abacus Health Products


C$56.5m market cap

C$4.7 last close

Abacus Health Products is a consumer healthcare company that is combining CBD with active pharmaceutical ingredients to provide relief from those suffering from pain, itch and acne, among other indications.

Investment summary

Abacus Health Products is a consumer healthcare company that sells topical hemp-derived cannabidiol (CBD) in combination with active pharmaceutical ingredients that have known efficacy to treat indications such as pain, acne and itch. Abacus has two main brands, CBD CLINIC, marketed to healthcare practitioners, and CBDMEDIC, marketed to consumers. CBD CLINIC continues to grow strongly, up 42.7% in Q319, and is increasing its penetration as it is now sold in over 14,500 health-related practitioner offices, up from 12,000 in the previous quarter. CBDMEDIC sales were up 71.9% compared to the prior quarter and its retail presence is in around 8,000 retail locations. They recently purchased Harmony Hemp, which sells CBD infused personal care products, which will expand Abacus’ retail footprint to 12,000 locations.

Y/E Dec
Revenue (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 2.6 0.6 0.5 N/A N/A N/A
2018A 8.5 1.0 0.6 4.32 79.1 53.6
2019E 16.1 (16.8) (17.1) (86.53) N/A N/A
2020E 39.7 (6.5) (6.8) (29.91) N/A N/A
Industry outlook

CBD sales were around $600m in 2018 with brisk growth to come as products enter mainstream stores and the FDA clarifies the regulatory landscape.

Last updated on 26/03/2020
Share price graph
Balance sheet
Forecast net cash (US$m) 23.4
Forecast gearing ratio (%) N/A
Price performance
Actual 2.2 (19.7) (69.6)
Relative* 30.2 3.2 (63.3)
52-week high/low C$17.8/C$2.8
*% relative to local index
Key management
Perry Antelman CEO
Henry (Hank) Hague, III FD