CBD of Denver, Inc. CBDD reported a strong fourth quarter on Thursday, with revenues reaching roughly $1.310,000 with a split of approximately $1,134,000 for Luxora and approximately $176,000 for Libra 9.
“Despite a challenging economic environment, the increase in revenue confirms that our strategies are driving growth across both verticals," Axel Reinke, CEO of CBD of Denver, said. "With a current order backlog of approximately $150,000 for the Anti-Slip product line, we are confidently entering the new year.”
The Denver-based company attributes its growth to several factors.
In addition to the partnership between EDEKA and the Magic Lappen product driving sales across various regions in Germany, the Libra 9 team’s presence at numerous trade shows is enhancing brand recognition and fostering new partnerships, Reinke continued.
"These partnerships range from wine dealers to specialized car cleaning and detailing companies, and include a teleshopping partnership,” he said.
Meanwhile, Luxora’s ongoing efforts in the European CBD wholesale market are significantly contributing to growth, Jan Schwager, CEO of Luxora, highlighted.
“Despite continued market challenges and consolidation in the CBD industry, there is a strong interest in our products," Schwager said. "Our partnerships in North and South America are crucial in maintaining our competitive edge and expanding our client network as we explore new markets.”
Luxora Solutions is poised to enter the German market, pending final approval of relevant legislation by the German government.
Germany's pivotal vote on legalizing marijuana, initially slated for December, has been postponed until 2024.
CBDD Price Action
CBD of Denver's shares traded 16.6667% higher at $0.0007 per share after the market close on Wednesday.
Related News
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.