Denver, Colorado–(Newsfile Corp. – May 18, 2022) – CBD of Denver, Inc. (OTC Pink: CBDD), a distributor of CBD and cannabis flower and a producer of a full line of CBD oil and unique products sold in Switzerland and throughout Europe, filed its first quarter financial statements on OTCMarkets.com for the period ended March 31, 2022.
CBD of Denver generated $908,086 revenue in the first three months of 2022, with a net loss of $314,248 mainly on an inventory write down of $102,856.
The business was negatively impacted in the quarter by the reintroduction of COVID controls across Europe and pricing pressure on CBD flower. These trends have already reversed, and the Company’s April revenue nearly surpassed the entire first quarter’s revenue as prices began to stabilize.
The Company completed a restructuring in March to reduce costs, putting itself in a stronger position for the next phase of growth in Europe.
“On the surface, the numbers don’t tell the full story and should be viewed in context. While revenues at 3.5% margins don’t usually result in overall profitability, my mandate is to transform this business from a commodity trader into a higher-margin, multi-pronged, health and wellness powerhouse in Europe and Asia. With the acquisition of Mellow and further expansion into medical cannabis sales in Germany, we are well on our way toward achieving this goal,” said CEO Paul Gurney.
Highlights of Business Transformation Plan:
The Company aims to be the first commercially viable cannabis company in Europe with the mission to build this business according to an:
Acquisitions
Wholesale
Branded
Retail
Medical
“Adding four other lines of business to CBDD will help diversify and stabilize our revenue streams. While it will also provide the opportunity to improve our margin structure to our long-term target of 20-25%. It’s nice to see our revenues in wholesale rebounding, while we remain laser focused on building a stronger and better business to capture this historic transformation in Europe,” said Gurney.
European cannabis market update
Investor Conference Call
The Company will host an investor conference call via Zoom today, May 18, at 11:00 a.m. ET. Please click the link below to join the webinar:
https://redchip.zoom.us/j/89887269653?pwd=aEpWMVFBYVJJbVZweVdLSWovV1hpZz09
Passcode: 276215
Or One tap mobile :
US: +13126266799,,89887269653#,,,,*276215# or +16465588656,,89887269653#,,,,*276215#
Or Telephone:
Dial(for higher quality, dial a number based on your current location):
US: +1 312 626 6799 or +1 646 558 8656 or +1 301 715 8592 or +1 346 248 7799 or +1 720 707 2699 or +1 253 215 8782
Webinar ID: 898 8726 9653
Passcode: 276215
International numbers available: https://redchip.zoom.us/u/keaHhJtmpi
Follow CBDD on Instagram: @SwissCBDTrading @Rockflowr @CBDofDenver_Inc @SwissGreenGrow @RockflowrRetail @mello_talk
Visit Mellow:
CBD of Denver, Inc. and Rockflowr GmbH are now also on LinkedIn.
About CBD of Denver, Inc.
CBD of Denver, Inc. (OTC Pink: CBDD) a full-line Distributor of CBD and Cannabis flower and a producer of a full line of CBD oil and unique products sold in Switzerland and throughout Europe. CBD of Denver, Inc. is focused on using equity to acquire profitable Swiss assets at attractive valuations to create value for all our shareholders and is driven by a passion to improve lives and strengthen communities by unleashing the full potential of cannabis. Through our Rockflowr brands we have built a very strong European customer base by focusing on top quality products and meaningful customer relationships.
Todd McKnight
RedChip Companies
1-800-733-2447
CBDD@redchip.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124486
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