CBD of Denver Provides Update on Its US Audit
Denver, Colorado--(Newsfile Corp. - July 9, 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, is pleased to give an update on its US audit.
As announced earlier this year, CBD of Denver engaged FRUCI & Associates to fulfil the US audit requirement for the Company to become a fully reporting company according to SEC guidelines. The Company is working closely together with FRUCI to have this closed as soon as possible.
"We appreciate the interest from investors and shareholders who have reached out to us regarding the status of our US audit," states Marcel Gamma, CEO of CBD of Denver. "Unfortunately, we are not able to give a final date yet, but we are diligently working with FRUCI to fulfill all requirements. Due to the complexity of the setup with Swiss and US companies and related to those additional efforts for translation and conversion of documents the audit is taking much longer than initially planned, but be assured, we are very focused on having this audit completed soon."
The closure of the Company's US business segment has no relation to the audit and was purely an economic decision based on the lack of profitability of the US business. For this reason, the Company has chosen to focus its resources and efforts on the rapidly growing European market instead of the saturated US market, as previously communicated. CBD of Denver's business in Europe is generating over $2 million (USD) revenue every month, while the nascent US business only generates about $1,000 (USD) per month.
"It is also very important to note that more than 99 percent of our business is conducted through Switzerland currently, and we successfully completed our Swiss audit earlier this year in March," added Marcel.
The Company is currently in an advanced due diligence process for two further acquisitions in the European market, and it expects to be able to make a corresponding announcement in the coming weeks.
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, Europe and the US. 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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