Denver, Colorado--(Newsfile Corp. - August 30, 2024) - CBD of Denver, Inc. (OTC Pink: CBDD) today announced its unaudited financial results for the three and six months ended June 30, 2024. The Company continues to navigate challenging market conditions while maintaining a focus on operational efficiency and long-term growth.
Financial Highlights:
For the Three Months Ended June 30, 2024:
- Revenue: The Company reported revenue of $1,002,240, a 37.4% increase from $729,453 in the same period in 2023.
- Operating Expenses: Total operating expenses were $63,971, down from $182,333 in Q2 2023, reflecting cost-saving measures.
- Salaries were reduced to $45,485, down from $131,526 in Q2 2023.
For the Six Months Ended June 30, 2024:
- Revenue: Revenue for the first half of 2024 was $2,125,562, a 109.4% increase from $1,015,232 in the same period in 2023, indicating strong sales momentum.
- Operating Expenses: Operating expenses decreased to $194,161 from $252,996 in the first six months of 2023, demonstrating improved operational efficiency.
- Salaries decreased to $137,171, compared to $174,237 in the same period last year.
July 2024 revenue:
- Despite July typically being a slower month due to summer holidays, the revenue for the month was approximately $225,293.61 USD.
Luxora continues to navigate a complex regulatory environment in Germany as it seeks to establish and expand its operations. In the broader context, as of August 21, 2024, nearly 300 applications for Cannabis Clubs have been submitted across various federal states, but only eight clubs have received approval, all in Lower Saxony. The reasons for delays and rejections are multifaceted, ranging from incomplete applications to inadequate health and youth protection plans, as well as non-compliance with local regulations. The regulatory environment varies significantly between states, adding another layer of complexity to the approval process.
In several states like Bavaria, Baden-Württemberg, and Hamburg, none of the applications have been approved yet, with authorities citing issues such as missing documentation, incomplete youth protection and health plans, and non-compliance with regional laws. The situation is similar in other states like Schleswig-Holstein and Saxony, where none of the applications have been fully processed or approved due to similar issues.
In Lower Saxony, eight applications have been approved, but an equal number have been rejected due to non-compliance with youth protection requirements, such as inadequate distances from schools or playgrounds. Despite these challenges, there is room for optimism as the authorities allow for resubmission of applications after necessary corrections.
About CBD of Denver, Inc.
CBD of Denver, Inc. is focused on acquiring profitable assets at attractive valuations to create value for shareholders. The company's team is dedicated to sourcing high-margin, innovative products that align with its values.
About LUXORA Inc.
LUXORA Inc. is a trailblazing entity in the European cannabis industry, with offices spanning the USA and Europe. Our core expertise revolves around unlocking the potential of the legalized cannabis market, offering infrastructure solutions and consulting tailored to the dynamic needs of this rapidly expanding sector. With a profound understanding of the opportunities and challenges brought forth by legalization, our experienced team is dedicated to pioneering the future of the legal cannabis market in Europe. Our offerings range from consulting and market research to product development and distribution solutions, aimed at simplifying the path to legalization for our esteemed clients.
For inquiries, please contact Investor Relations: investors@luxora-holding.com
For more information, please visit: www.luxora-holding.com
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SOURCE: CBD of Denver Inc.
