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CBD of Denver, Inc. CBDD announced its unaudited financial results on Friday for the second quarter, a three-month period ended June 30, 2024.
The Denver-based company reported $1,002,240 in revenue for the period, representing a 37.4% increase from $729,453 in the same period in 2023. That’s slightly lower than previously expected. The company reported earlier this month that it would post $1.03 million in revenue for the second quarter.
In its recent business update, CBD of Denver shed light on its plans to get into the German market. Specifically, the company’s European subsidiary, Luxora received positive engagement in Berlin regarding a Near-Infrared (NIR) device used for cannabis testing. This happened on the heels of success at the recent Mary Jane Berlin trade fair, where it offered cannabis samples.
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At the moment, it continues to navigate a complex regulatory environment in Germany as it seeks to establish and expand its operations.
That said, as of Aug. 21, 2024, nearly 300 applications for cannabis clubs in Germany have been submitted across various federal states, but only eight clubs have received approval, all in Lower Saxony. Germany legalized cannabis this past April.
Financial Highlights For Three Months Ended June 30, 2024
Total operating expenses were $63,971, down from $182,333 in the second quarter of 2023, reflecting cost-saving measures.
Salaries were reduced to $45,485, down from $131,526 in the prior year’s quarter.
Revenue was $2,125,562, a 109.4% increase from $1,015,232 in the same period in 2023, indicating strong sales momentum.
Operating expenses decreased to $194,161 from $252,996 in the first six months of 2023, demonstrating improved operational efficiency.
Salaries decreased to $137,171, compared to $174,237 in the same period last year.
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“}]] CBD of Denver, Inc. (OTC Pink: CBDD) today announced its unaudited financial results for the second quarter, a three-month period ended June 30, 2024. The Denver, Colorado-based company reported $1,002,240 in revenue for the period, representing a 37.4% increase from $729,453 in the same period in 2023. That’s slightly lower than previously expected. The company said earlier this month it will post $1.03 million in revenue for the second quarter. Read More