CBD of Denver Reports Second Quarter 2021 Revenue of $7.3M (USD)
Denver, Colorado--(Newsfile Corp. - July 8, 2021) - CBD of Denver, Inc. (OTC Pink: CBDD), a full-line CBD and hemp oil company and a producer and distributor of cannabis and CBD products in Switzerland and Europe, reported its financial results for its second quarter ended June 30, 2021.
CBDD generated revenue of USD $7.29 million in the second quarter, driving revenue for the six months ended June 30 to USD $14.6 million, more than 90% of the Company's full year 2020 results. While CBDD continued strong growth in sales volume during the second quarter, the recent 25% drop in wholesale CBD flower prices in Switzerland and Europe impacted quarter-over-quarter growth compared to the first quarter of 2021.
"Our Managing Director Sales, Pascal Siegenthaler, together with his sales team, continue to do a great job despite challenging conditions from pricing pressures in the wholesale market," states CEO Marcel Gamma. "We are pleased that prices are currently stabilizing and expect an increase due to rising demand towards the end of the summer. With continued growth in sales volume, a direct result of our professional sales team and established customer base, we anticipate a rapid return to strong top-line growth as pricing pressures subside. Complementing the growth of our wholesale business, we have continued to develop our retail business and direct-to-consumer channel, expanding our client base and increasing distribution of our products."
To expedite its path to profitability, CBDD has decided to exit its US business operations, enabling the Company to focus its efforts and capital on expanding its business profitability in the high-growth Switzerland and European markets.
CBD of Denver, Inc., Rockflowr GmbH and Swiss Industry Ventures AG are now also on LinkedIn.
About CBD of Denver, Inc.
CBD of Denver, Inc. (OTC Pink: CBDD) a full-line CBD and Hemp oil company ("CBDD") and a producer and distributor of Cannabis and CBD products in Switzerland and Europe. CBDD is focused on using equity to acquire profitable Swiss assets at attractive valuations to create value for all our shareholders driven by a passion to improve lives and strengthen communities by unleashing the full potential of cannabis.
Through our brand Rockflowr and BlackPearlCBD we reach our consumers and have built up a strong customer base by focusing on top quality products and meaningful customer relationships.
Black Pearl CBD has 0% THC, but is not an Isolate where the THC is stripped from the product rendering it ineffective. We use a proprietary technique adding terpenes as the activation ingredient, resulting in a product that is the finest in the industry and only available at www.cbdofdenver.com.
Information contained herein includes forward-looking statements. These statements relate to future events or future financial performance, involving known and unknown risks and you should not place undue reliance on these statements. Any forward-looking statement reflects our current views with respect to future events. We assume no obligation publicly about update or revise these forward-looking statements for any reason.
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