Denver Inc’s CBD Presents Second Quarter 2021 Financial and Business Highlights
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Revenue up 2,803% year-on-year with a gross margin up 975% for the six-month period ended June 30, 2021
A clarification of the Denver CBD is published to clarify certain information relating to the six-month period ended June 30, 2021 and not the second quarter ended June 30, 2021. No figures in the financial table have changed from today’s previous publication hui.
Denver, Colorado – (Newsfile Corp. – August 24, 2021) – CBD of Denver, Inc. (OTC Pink: CBDD), a comprehensive CBD and hemp oil company and producer and distributor of cannabis products and CBD in Switzerland and Europe, is pleased to announce its financial and business highlights for the second quarter and the six-month period ended June 30, 2021.
Financial highlights for the first half of 2021
- Revenue increased by 2,803% to over $ 14.4 million in the first half of 2021, from $ 517,025 in the first half of 2020
- Gross margin increased 975% to over $ 1.5 million for the first half of 2021, from $ 154,203 in the first half of 2020
- Net income increased 641% to over $ 1.2 million for the first half of 2021, compared to a loss of $ 189,704 in the first half of 2020
Highlights of the second quarter of 2021
- The Company has successfully grown its customer base from 20 customers at the start of 2020 to more than 400 loyal repeat customers by the end of the second quarter of 2021.
- The Company’s retail network, which began with two stores in March 2000, has grown to a loyal customer base of 26 stores in Switzerland, 41 stores in Germany, 30 stores in France, 2 stores in Italy, 1 store in Poland and 2 stores in Guadeloupe, for a total of more than 100 stores, at the end of Q2 2021.
- The Company is the leading supplier to 60 wholesalers across Europe at the end of the second quarter of 2021, compared to just five wholesalers representing 60% of its turnover at the start of 2020.
- Rockflowr Production started with its own monthly production of 25-30 kg of high quality indoor hemp flowers in May 2020 and by the end of Q2 2021 has grown to over 20,000 1000 watt lamps each (total capacity of 20 million watts or 20 tonnes of indoor production per year) of outsourced production capacity supplying our customers.
The following is taken from the unaudited condensed interim financial statements for the three and six months ended June 30, 2021 and 2020; Please refer to the full report, including any notes, other statements and other content 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|
|Operating costs :|
|To rent||46,127||19,552||41 989||19,552|
|Depreciation||4 729||2 207||3 499||2 207|
|general and administrative||82,179||121,637||47,605||97,028|
|Total operating expenses||135,010||160,925||93,093||136,316|
|Operating income (loss)||1,367,824||(6,722)||50 178||23 669|
|Other income (expenses)|
|Total other expenses||–||(178,390)||–||–|
|Net profit (loss) before 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 earnings (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 from Denver, Inc., Rockflowr GmbH and Swiss Industry Ventures AG are now also on LinkedIn.
About Denver CBD, Inc.
CBD of Denver, Inc. (OTC Pink: CBDD), a full-line CBD and hemp oil (“CBDD”) company and producer and distributor of cannabis and CBD products in Switzerland, Europe and the United States. CBDD focuses on using equity to acquire profitable Swiss assets at attractive valuations to create value for all of our shareholders driven by a passion to improve lives and strengthen communities by unleashing the full potential of the cannabis.
Through our Rockflowr and BlackPearlCBD brands, we reach our consumers and have built 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 THC is removed from the product, making it ineffective. We use a proprietary technique adding terpenes as an activating ingredient, resulting in a product that is the best in the industry and only available at www.cbdofdenver.com.
The information contained in this document 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 such statements. All forward-looking statements reflect our current views regarding future events. We assume no public obligation to 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