Vancouver, British Columbia--(Newsfile Corp. - March 22, 2024) - Nevis Brands (CSE: NEVI) (OTCQB: PSCBF) (FSE: 8DZ), a leading provider of cannabis beverage products, reported fiscal results for the year ended November 30, 2023 with Q4 revenue up 44% quarter over quarter. Based in Seattle, Washington, Nevis reports in Canadian funds.
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Nevis reported revenue of $395,876 for the latest quarter ending November 30, 2023, an increase of 44% over the $275,669 reported in the previous quarter. Cost of goods dropped from $144,381 in Q3 to $135,223 in Q4, a reduction of 7%. Revenue for the year, basically a five-month period, came in at $671,545 showing a loss of $399,772. The company reported zero revenue for the previous year, as Nevis only began operations on July 1, 2023, having previously traded as Pascal Biosciences on the TSX Venture Exchange.
During the year, revenue was derived from royalties received from licensees in 5 states, Washington, Oregon, Arizona, Colorado, and Ohio. Sales have commenced in Nevada and California with Michigan and Missouri also slated to contribute to revenues during 2024.
John Kueber, CEO, stated: "We are pleased that we were able to both grow revenues and reduce our cost of goods sold in Q4. We continue to grow revenues in states where we are currently operating and are excited about the additional revenues that will be generated from licensees that have been secured but did not contribute to revenues as of yet. With continued revenue growth, managing our cost of goods sold, and the completion of our transition from Pascal Biosciences business, we are enthusiastic about our future 2024 performance."
Nevis partners with leading cannabis product manufacturers and distributors, acquiring the rights for leading cannabis brands with an emphasis on beverages. Major, the primary revenue driver of its product portfolio and the #1 selling beverage SKU nationwide in the cannabis industry, is powered by SoRSE, a proprietary water-soluble emulsion technology, with an average onset time of 8-15 minutes.
Other products include Happy Apple, a cannabis-infused sparkling apple drink, Vertus, the first champagne-style sparkling cannabis beverage on the market, and Velvet Swing, the world's first water-soluble cannabis lubricant.
John Kueber, CEO, added: "Nevis remains committed to its low capital expenditure model of expansion through licensing of the Major brand, which continues to grow, having expanded from 5 states to 9 states in the last 6 months. We believe cannabis beverages have reached an inflection point where the brands that are currently in the market are ones with staying power and will remain a cornerstone of cannabis consumers consumption habits. The Major brand has opportunities to grow not just by expansion into other markets, but by introducing new products not only in beverages but other edible products."
The company started trading on the CSE on July 6th, where it is currently trading at $0.10. For more information, please visit the company's website www.NevisBrands.com, contact John Kueber, CEO, at 425-380-2151 or by email at investors@NevisBrands.com.
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