LFTD Partners Inc. LIFD is the parent corporation of Lifted Made, a manufacturer and seller of hemp-derived cannabinoid products. LFTD also owns 4.99% of CBD-infused beverage and products maker Ablis Holding Company and craft distillers Bendistillery Inc. and Bend Spirits, Inc.
LFTD chairman & CEO Gerard Jacobs, along with co-chairman & COO Nicholas Warrender and president & CFO William Jacobs, presented at the Benzinga Psychedelics Capital Conference this past April.
The company has just announced it has prepaid $916,666 of the note principal of its $2,750,000 total payable relating to the purchase of its subsidiary Lifted Made. It has done so entirely by using earnings generated by Lifted Made's operations. According to its public statement, the company has not incurred any new debt nor issued any new equity securities.
The prepayment leaves LFTD Partners Inc. with only $1,833,334 of secured debt. The company’s chairman and CEO Gerard Jacobs expressed joy. "Access to attractively priced debt and equity capital in the cannabis sector is challenging these days. But fortunately our company is continuing to execute on our carefully conceived game plan of profitable growth in high quality branded consumer products. This has allowed us to keep moving the ball down the field for seven straight quarters using just our own free cash flow."
Less than a month ago, Benzinga reported on LFTD’s financial results for the first quarter of 2022. Those included a rise in revenue of 41% compared to the same time frame the year before, and a net income that more than doubled the previous year.
In May, the company made a public statement announcing that Lifted Made had begun running a second shift to fulfill product demands. The company expanded from its original 3,300 sq. ft leased location in Illinois to three spaces with a total of 24,238 sq. ft. in Wisconsin and has more than 100 employees. If anything, the company seems to be going the distance on revenues so far.
Photo Courtesy of Erin Hinterland on Pixabay.
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