CBD of Denver Inc. Reports Q2 2023 Financial and Business Highlights

Rhea-AI Summary

Year Over Year Gross Profit increased from a loss of $165,232 to a profit of $173,262. Revenue increased 155% to $729,453 for Q2 2023. Net loss reduced by $440,445 to $9,701 for Q2 2023. The company successfully launched The Magic Lappen with Libra 9 GmbH and expanded its retailer network to 180 EDEKA stores. Signed an agreement with LUXORA LLC for distribution of Cannabis products. Positive outlook with preparation of factsheets and group management meeting next week.

Positive

• Year Over Year Gross Profit increased to a profit of $173,262. Revenue increased 155% to $729,453 for Q2 2023. Net loss reduced by $440,445 to $9,701 for Q2 2023. The company successfully launched The Magic Lappen with Libra 9 GmbH and expanded its retailer network to 180 EDEKA stores. Signed an agreement with LUXORA LLC for distribution of Cannabis products. Positive outlook with preparation of factsheets and group management meeting next week.

Negative

• None.

Year Over Year Gross Profit increased from a loss of $ 165,232 to a profit of $ 173,262.

Denver, Colorado--(Newsfile Corp. - August 24, 2023) - CBD of Denver, Inc. (OTC Pink: CBDD), is pleased to announce its financial and business highlights for the second quarter ended June 30, 2023.

Second Quarter 2023 Financial Highlights

• Revenue increased 155% to $729,453 for Q2 2023 compared to $285,779 in Q1 2023
• Gross profit increased to a profit of $173,262 for Q2 2023 compared to a loss of $165,232 in Q2 2022
• Net loss was reduced by $440,445 to $9,701 for Q2 2023 compared to a net loss of $449,516 in Q2 2022.

Second Quarter 2023 Business Highlights

• The Company successfully launched The Magic Lappen with Libra 9 GmbH.
• The Company's retailer network, which began with five EDEKA shops in February 2023, expanded to a loyal customer base of 180 EDEKA stores in Germany and the product is available in AMAZON EU and US.
• LIBRA 9 GmbH implemented the product R13 in March 2023 and several public bathtubs have been done since the beginning of this year.
• The company has signed an agreement with LUXORA LLC and its operations in Switzerland and Europe distributing Cannabis products and serving Cannabis Clubs owners with a plug & play solution to be compliant with the presented law.
• LUXORA LLC is representing a dynamic product portfolio: Happy Buds, Weedo, Mydarling and Hemp Group.

Outlook and Next Steps

Since we received a lot of questions from our investors regarding the relevant businesses and structure of the whole group, we are currently preparing factsheets for all the different companies and brands which will be shared in the coming weeks.

Additionally, we would like to inform that we will hold a group management meeting next week discussing strategy and further development of the products and brands and about the two departments Berliner Innovation and LUXORA.

About CBD of Denver, Inc. (BERLINER INNOVATION)

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. The Company is offering a number of innovative consumer products through Libra 9 GmbH, such as the Magic Lappen and the Berlinr13 Anti-Slip solution.

About the Magic Lappen

The Magic Lappen provides maximum shine, streak free drying, and only requires water - no chemicals or detergents. The Magic Lappen is also chemical-free and lint-free; cleaning of all smooth and shining surfaces is robust and durable with a leather-like feel. Its innovative structure enables high absorption of dirt, dust, and grease and can be washed many times at 60°. The product is vegan and ecofriendly.

Follow Magic Lappen on Twitter, Instagram, Facebook and TikTok for more information and updates.

Follow The Magic Lappen on Instagram: @themagiclappen

Shop on our website: https://www.the-magic-lappen.com/

Visit the CBDD/ Berliner Innovation: www.berlinerinnovation.de

See our innovative Anti-Slip product: www.berlinr13.de

For questions, please contact us at: investors@libra9.de

About LUXORA LLC

LUXORA LLC 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 Plug & Play solutions 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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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/178380