Elixinol Wellness (ASX:EXL) has reported a 52% increase in adjusted EBITDA, and a 9% increase in its HY23 revenue, citing business optimisation, and cost reduction initiatives as key contributors to this growth.

These efforts have also led to a 56% decrease in net operating costs.

Additionally, the company successfully completed a $1.25 million placement, and a $1 million underwritten share purchase plan.

Elixinol also disclosed its successful acquisition of the Sustainable Nutrition Group, which significantly increased the size, and scale of the company with a subsequent increase in Australian revenues.