CBD Unlimited Announces Fiscal Year-End Financial Results; Year-Over-Year Revenues Grow 88 Percent
· Strong National and International Expansion Across Several Markets
· Product Demand Continues to Experience Increase
CAVE CREEK, AZ, Jan. 16, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CBD Unlimited, Inc., formerly known as Endexx Corporation (EDXC), a provider of innovative phytonutrient-based food and nutritional products, is pleased to report record revenue growth for the three- and twelve-month periods ended December 2019. For the three months ended September 30, 2019, the Company generated over $361,250 in sales, with an annual increase of 88% year-over-year.
Fiscal Year 2019 Milestones and Highlights:
-- Cleared to Distribute CBD Products in Puerto Rico and South Africa. -- Accelerated registration in multiple international markets as the Company prepares for additional targeted channels abroad.
Increased Store Count Growth
-- Surpassed year-end store goal by three months to more than 5,000 stores nationwide in mass pharmacy and mass retail markets. -- Accelerated store growth in the current quarter as stores are expanding their state rollout schedule. New contracted distributors are opening chain stores at 200-500 stores per launch. -- New Premium Blue Line BalmX and MistX installed in approximately 1,500 stores across 10 states. -- Established the foundation to service increased demand and to onboard stores on demand.
-- Closed deal with leading chocolate manufacturer, First Foods Group, Inc. (FIFG) to collaborate on premium hemp-based CBD food products. -- Invested and manufactured six Premium Blue Line SKUs at 35,000 units each. -- Reported wholesale value of the 6 premium products is valued over $5.5 million.
-- Reestablished Processing with two Major American Merchants. -- Increased its fulfillment capacity as the Company continues to grow its e-commerce presence.
Increased Tradeshow Presence
-- Showcased its products at ECRM’s Hemp/ CBD Health and Beauty Care Program where the Company was introduced to major retail buyers who extended commitments to the Company. -- Tradeshows in 2019 generated interest in the Company’s products from approximately 50 leading retail stores across America.
-- Completed an audit of its financial statements for fiscal years 2018 and 2017 in order to pursue an up-listing to a higher OTC Market tier. -- Carries inventory on its books until the inventory is sold. The sale converts inventory into revenue instead of accounts receivable in certain Fortune 50 retailers.
“Our fourth quarter of fiscal 2019 showcases our continued growth. Our team continues to innovate and exceed expectations as we build a strong momentum to finish off the year. We said we would be in 5,000 stores by the end of 2019 and we already surpassed this number by August 2019. Additionally, we said we would be on our way to uplist earlier this year - we are delivering and plan to advance this strength quarter after quarter,” commented CEO & Chairman Todd Davis. “As we look to 2020, we expect to continue this growth trajectory as we increase our store count exponentially. As we scale aggressively, we continue to watch and listen to the pending FDA suggested guidelines closely. Additionally, we look to efficiently educate the consumer on our CBD products. We look forward to executing continued growth in 2020,” continued Davis.
About CBD Unlimited, Inc.
CBD Unlimited. Inc. develops and distributes all-natural products from the cannabis sativa plant (hemp) with less than 0.01% THC. Its products range from oils, capsules, topicals, and pet products, all with the shared purpose of therapeutic and pain relief. The science behind these products involves half a decade of research and experiments in order to perfect the accuracy in dosage and delivery of absorption per each serving.
In order to provide conformity with federal and state mandates, the company has incorporated the “Gorilla-Tek” platform into their business practices. The Gorilla-Tek platform is the first standardized hardware agnostic and software solution that tracks high-risk, high-shrink regulated and restricted products maintained under federal/state/local compliance. The platform provides asset protection, inventory management, compliance and an “end of sale” technology integration. Along with that, Gorilla-Tek is tremendously efficient as it provides up-to-the-minute accounting and product details. Gorilla-Tek increases CBD Unlimited Inc.’s productivity, while reducing costs for retailers and costs in time for customers.
Safe Harbor Notice
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements.
Contact:For further investor and media information, contact:CBD Unlimited, Inc.Todd DavisChairman & CEOTodd@cbdunlimited.com480-595-6900