On August 30, 2024, CBD of Denver, Inc. (OTC Pink: CBDD) released its unaudited financial results for the three and six months ended June 30, 2024. The company emphasized its commitment to operational efficiency and long-term growth amidst challenging market conditions.
In the three-month period ending June 30, 2024, the company reported a revenue of $1,002,240, marking a 37.4% increase from the same period in 2023. Total operating expenses were $63,971, a significant decrease from $182,333 in Q2 2023, attributed to cost-saving measures. Salaries were reduced to $45,485 from $131,526 in the previous year.
For the six months ending June 30, 2024, revenue reached $2,125,562, demonstrating a 109.4% increase from the same period in 2023. Operating expenses decreased to $194,161 from $252,996 in the first six months of 2023, indicating improved operational efficiency. Salaries were also reduced to $137,171 compared to $174,237 in the previous year.
Despite the typically slower revenue in July due to summer holidays, the company reported revenue of approximately $225,293.61 USD for the month.
Luxora, a subsidiary, is actively navigating a complex regulatory environment in Germany to establish and expand operations. As of August 21, 2024, nearly 300 applications for Cannabis Clubs have been submitted across various states in Germany, but only eight have received approval, all in Lower Saxony. Challenges leading to delays and rejections include incomplete applications, inadequate health and youth protection plans, and non-compliance with local regulations.
In states like Bavaria, Baden-Württemberg, and Hamburg, none of the applications have been approved yet due to issues such as missing documentation and incomplete plans. Lower Saxony has approved eight applications, while an equal number have been rejected for non-compliance with youth protection requirements.
CBD of Denver, Inc. focuses on acquiring profitable assets to create value for shareholders, while Luxora Inc. leads in the European cannabis industry, offering infrastructure solutions and consulting services tailored to the legalized cannabis market.
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