Holding company CBD of Denver (OTC Pink: CBDD) delivered its 2024 financial results as sales increased to $3.7 million versus 2023’s sales of $2.9 million.
The company also reported EBITDA of $74,171 for the year, but with interest expenses hitting $152,569 for the year, CBD of Denver ended up with a net loss of $79,930.
As of Dec. 31, 2024, the company reported an accumulated deficit of $5 million. The company said in its annual filing that it plans to increase its income by strengthening its sales force, providing an attractive sales incentive program, and increasing marketing and promotion activities.
Management also said it plans to raise additional funds by way of a private or public offering or by obtaining loans from banks or others. The company already has 7.8 billion outstanding shares and trades at a fraction of a cent. The company has also been paying its debt with shares.
“We’re proud of the progress we made in 2024,” CEO Jan Schwager said. “With strong top-line growth and significant cost savings, we’ve created a leaner, more agile company that is now well-positioned to pursue new opportunities in tech-driven sectors.”
However, the company gave little detail on what that pivot might mean.
Last month, the company announced it was shifting its focus and would no longer seek to provide services to the German cannabis market due to the complexities of navigating political uncertainties and the German government’s failure to guide acceptable business models.
“2024 was a year of hard lessons, particularly in Germany, where political uncertainties and bureaucratic roadblocks derailed our plans,” Schwager said. “We remain committed to leveraging these experiences to refocus on markets and opportunities with greater potential.”
The company also stated in its filing that a deal announced in January 2023 to buy the company Libra, which is engaged in the business of magic lappens and anti-slip products, was off. As of June 30, 2024, both parties agreed to unwind the transaction and are now awaiting signatures.
[[{“value”:”The company said it was shifting its focus to tech, but gave no additional details on that strategy.
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