CBD of Denver, Inc. Reports Financial Results for the Three and Six Months Ended June 30, 2024
CBD of Denver, Inc. (OTC Pink: CBDD) reported unaudited financial results for Q2 and H1 2024, showing significant revenue growth despite challenging market conditions. Q2 2024 revenue increased 37.4% to $1,002,240, while H1 2024 revenue surged 109.4% to $2,125,562 compared to the same periods in 2023. The company demonstrated improved operational efficiency with reduced operating expenses and salaries.
Despite July typically being slower, revenue for the month was approximately $225,293.61 USD. Luxora, a subsidiary, is navigating complex regulatory challenges in Germany's cannabis market. As of August 21, 2024, nearly 300 Cannabis Club applications have been submitted across Germany, but only eight have been approved, all in Lower Saxony, due to various regulatory hurdles and compliance issues.
CBD di Denver, Inc. (OTC Pink: CBDD) ha riportato risultati finanziari non verificati per il secondo trimestre e il primo semestre del 2024, evidenziando una crescita significativa dei ricavi nonostante le condizioni di mercato sfavorevoli. I ricavi del Q2 2024 sono aumentati del 37,4% passando a $1.002.240, mentre i ricavi dell'H1 2024 sono aumentati del 109,4% raggiungendo $2.125.562 rispetto agli stessi periodi del 2023. L'azienda ha dimostrato un miglioramento dell'efficienza operativa con la riduzione delle spese operative e dei salari.
Nonostante luglio sia solitamente un mese più lento, i ricavi per il mese sono stati di circa $225.293,61 USD. Luxora, una controllata, sta affrontando sfide normative complesse nel mercato della cannabis in Germania. A partire dal 21 agosto 2024, sono state presentate quasi 300 domande per club della cannabis in tutta la Germania, ma solo otto sono state approvate, tutte in Bassa Sassonia, a causa di vari ostacoli normativi e problemi di conformità.
CBD de Denver, Inc. (OTC Pink: CBDD) reportó resultados financieros no auditados para el segundo trimestre y el primer semestre de 2024, mostrando un crecimiento significativo de los ingresos a pesar de las condiciones desafiantes del mercado. Los ingresos del Q2 2024 aumentaron un 37,4% alcanzando $1,002,240, mientras que los ingresos del H1 2024 se dispararon un 109,4% a $2,125,562 en comparación con los mismos períodos de 2023. La empresa demostró una mejora en la eficiencia operativa con la reducción de los gastos operativos y salarios.
A pesar de que julio suele ser un mes más lento, los ingresos para este mes fueron de aproximadamente $225,293.61 USD. Luxora, una subsidiaria, está navegando por complejos desafíos regulatorios en el mercado de cannabis de Alemania. A partir del 21 de agosto de 2024, se han presentado casi 300 solicitudes de clubes de cannabis en toda Alemania, pero solo ocho han sido aprobadas, todas en Baja Sajonia, debido a varios obstáculos regulatorios y problemas de cumplimiento.
덴버 CBD, Inc. (OTC Pink: CBDD)는 2024년 2분기 및 상반기 비감사 재무 결과를 보고하며 어려운 시장 상황에도 불구하고 상당한 수익 성장을 보여주었습니다. 2024년 2분기 수익은 37.4% 증가하여 $1,002,240에 이르렀습니다, 반면 2024년 상반기 수익은 2023년 같은 기간에 비해 109.4% 급증하여 $2,125,562에 달했습니다. 회사는 운영 비용과 급여를 줄이면서 운영 효율성을 개선했습니다.
전통적으로 7월은 느린 달이지만, 이 달의 수익은 약 $225,293.61 USD에 달했습니다. 자회사인 Luxora는 독일의 대마초 시장에서 복잡한 규제 문제에 직면해 있습니다. 2024년 8월 21일 현재, 독일 전역에서 거의 300개의 대마초 클럽 신청이 제출되었지만, 다양한 규제 장애물과 준수 문제로 인해 승인된 것은 단 8개, 모두 하노버주에서만 승인되었습니다.
CBD de Denver, Inc. (OTC Pink: CBDD) a rapporté des résultats financiers non audités pour le deuxième trimestre et le premier semestre 2024, montrant une croissance significative des revenus malgré des conditions de marché difficiles. Les revenus du T2 2024 ont augmenté de 37,4 % pour atteindre 1 002 240 $, tandis que les revenus du S1 2024 ont explosé de 109,4 % à 2 125 562 $ par rapport aux mêmes périodes de 2023. L'entreprise a démontré une efficacité opérationnelle améliorée avec des dépenses opérationnelles et des salaires réduits.
Bien que juillet soit généralement un mois plus lent, les revenus pour ce mois étaient d'environ 225 293,61 $ USD. Luxora, une filiale, fait face à des défis réglementaires complexes sur le marché du cannabis en Allemagne. Au 21 août 2024, près de 300 demandes de clubs de cannabis ont été soumises à travers l'Allemagne, mais seulement huit ont été approuvées, toutes en Basse-Saxe, en raison de divers obstacles réglementaires et problèmes de conformité.
CBD von Denver, Inc. (OTC Pink: CBDD) berichtete über nicht testierte Finanzergebnisse für das 2. Quartal und das 1. Halbjahr 2024, die ein signifikantes Umsatzwachstum trotz schwieriger Marktbedingungen zeigen. Der Umsatz im 2. Quartal 2024 stieg um 37,4% auf $1.002.240, während der Umsatz im 1. Halbjahr 2024 um 109,4% auf $2.125.562 im Vergleich zu den gleichen Zeiträumen im Jahr 2023 anstieg. Das Unternehmen zeigte eine verbesserte Betriebseffizienz durch reduzierte Betriebskosten und Gehälter.
Obwohl der Juli normalerweise langsamer ist, betrugen die Einnahmen für den Monat etwa $225.293,61 USD. Luxora, eine Tochtergesellschaft, navigiert durch komplexe regulatorische Herausforderungen auf dem deutschen Cannabis-Markt. Bis zum 21. August 2024 wurden in ganz Deutschland fast 300 Anträge für Cannabis-Clubs eingereicht, aber nur acht wurden genehmigt, alle in Niedersachsen, aufgrund verschiedener regulatorischer Hürden und Compliance-Probleme.
- Revenue for Q2 2024 increased 37.4% year-over-year to $1,002,240
- H1 2024 revenue grew 109.4% year-over-year to $2,125,562
- Operating expenses decreased from $182,333 in Q2 2023 to $63,971 in Q2 2024
- H1 2024 operating expenses reduced to $194,161 from $252,996 in H1 2023
- Luxora faces complex regulatory challenges in Germany's cannabis market
- Only 8 out of nearly 300 Cannabis Club applications have been approved in Germany
- Regulatory environment varies significantly between German states, adding complexity to approval process
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 , a37.4% 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 , a109.4% 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221606
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