CLARIFICATION FROM SOURCE: CBD of Denver Inc. Reports Q2 2021 Financial and Business Highlights
Year Over Year Revenues Up 2,803% with Gross Profit Up 975% for Six Months Ended June 30, 2021
A Clarification from CBD of Denver is being issued to clarify certain information pertaining to the Six Months Ended June 30, 2021 and not the 2nd Quarter Ended June 30, 2021. No numbers in the financial table have changed from today's earlier release.
Denver, Colorado--(Newsfile Corp. - August 24, 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 announce its financial and business highlights for the second quarter and six months ended June 30, 2021.
Six Month 2021 Financial Highlights
- Revenue increased 2,803% to over $14.4 million first half of 2021 compared to $517,025 in first half of 2020
- Gross profit increased 975% to over $1.5 million for first half of 2021 compared to $154,203 in first half of 2020
- Net income increased 641% to over $1.2 million for first half of 2021 compared to a loss of $189,704 in first half of 2020
Second Quarter 2021 Business Highlights
- The Company successfully increased its customer base from 20 customers in early 2020 to more than 400 loyal recurring customers by end of Q2 2021.
- The Company's retailer network, which began with two shops in March 2000, expanded to a loyal customer base of 26 shops in Switzerland, 41 shops in Germany, 30 shops in France, 2 shops in Italy, 1 shop in Poland and 2 shops in Guadeloupe, for a total amount of more than 100 shops, as of the end of Q2 2021.
- The Company is the premier supplier to 60 wholesalers across Europe as of the end of Q2 2021, up from just five wholesalers accounting for 60% of its revenue in early 2020.
- Rockflowr Production started with its own monthly production of 25-30kg of high-grade indoor hemp flowers in May 2020 and as of the end of Q2 2021 has grown to over 20,000 lamps with 1000 watt each (total capacity of 20 million watt or 20 tons of indoor production per year) of outsourced production capacity supplying our customer base.
The Below is from the Unaudited Condensed Interim Financial Statements for the Three and Six Months Ended June 30, 2021 and 2020; Please Refer to the Complete Report, Including the Notes, Other Statements and Other Contents Therein.
|Six Months||Six Months|| ||Three Months||Three Months|
|Sales||$ 14,494,477||$ 517,025|| ||$ 7,136,628||$ 515,840|
|Cost of sales||12,991,643||362,822|| ||6,993,357||355,855|
|Gross profit||1,502,834||154,203|| ||143,271||159,985|
|Operating expenses:|| |
|Stock-based compensation||1,620||-|| ||-||-|
|General and administrative||82,179||121,637|| ||47,605||97,028|
|Total operating expenses||135,010||160,925|| ||93,093||136,316|
|Income (loss) from operations||1,367,824||(6,722)|| ||50,178||23,669|
|Other income (expense)|| |
|Interest expense||-||(178,390)|| ||-||-|
|Total Other Expenses||-||(178,390)|| ||-||-|
|Net Income (loss) before income taxes||1,367,824||(185,112)|| ||50,178||23,669|
|Income tax expense||151,824||4,592|| ||5,851||4,592|
|Net income (loss)||1,216,000||(189,704)|| ||44,327||19,077|
|Other comprehensive income||(37,682)||3,654|| ||36,814||3,654|
|Comprehensive income (loss)||$ 1,178,318||$ (186,050)|| ||$ 81,141||$ 22,731|
|Basic net income (loss) per share||$ 0.00||$ (0.00)|| ||$ 0.00||$ 0.00|
|Diluted net income (loss) per share||$ 0.00||$ (0.00)|| ||$ 0.00||$ 0.00|
|Weighted Average Number of Shares Outstanding - Basic||5,309,576,718||4,194,527,118|| ||5,309,588,107||4,446,889,755|
|Weighted Average Number of Shares Outstanding - Diluted||20,509,576,718||4,194,527,118|| ||20,509,588,107||19,446,889,755|
Follow CBDD on Instagram: @CBDofDenver_Inc @Rockflowr @RockflowrRetail
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94229