Leafbuyer Technologies, Inc. Books November Sales with 53% Year Over Year Growth - 9x Industry average

Rhea-AI Summary

Leafbuyer Technologies (OTCQB:LBUY) reported a 53% rise in cash sales for November 2022, totaling $444,000, compared to $290,000 in November 2021. The company attributes this growth to effective strategies and innovations amidst a declining retail cannabis market in Colorado. CEO Kurt Rossner expressed optimism about future financial progress and ongoing projects aimed at sustaining growth through 2023. Leafbuyer remains focused on providing value and ROI for clients in the cannabis industry.

Positive

• 53% increase in cash sales year-over-year to $444,000.
• Growth rate of nearly 9 times the retail cannabis market growth rate.

Negative

• None.

Cannabis Technology Company Notches Another Record Month. Cash Sales for November Totaled $444,000 vs $290,000 in 2021

DENVER, CO / ACCESSWIRE / December 6, 2022 / Leafbuyer Technologies, Inc. ("Leafbuyer" or "the Company") (OTCQB:LBUY), a leading cannabis technology company, announced today that its monthly cash sales rose 53% in the month ending November 30, 2022. The increase reflects cash sales booked in the month versus the same month of the previous year.

"The sales results for November are a positive indication of where we are in the market right now," Kurt Rossner, said Chief Executive Officer of Leafbuyer. "Our home state of Colorado has seen historic declines in retail cannabis sales in the last year. According to Forbes Magazine (Oct 2, 2022), retail cannabis sales in the U.S. will grow about 6% this year. To be growing at a rate of nearly 9 times the retail market is a testament to our focus of delivering value to our customers. We continue to develop innovative solutions that have a significant ROI impact for our clients. The end of year is also looking strong for us both from a revenue perspective and overall financial progress. We are working on several projects for 2023 that we hope will help the company continue very significant growth through next year," Rossner added.

Learn more at tech.leafbuyer.com

About Leafbuyer Technologies, Inc.
Leafbuyer Technologies is one of the most comprehensive marketing technology providers in the cannabis industry. Hundreds of cannabis businesses use the Leafbuyer texting and loyalty platform and the Custom App solution to engage with current and potential customers. Leafbuyer.com is a robust online resource for cannabis consumers, and the company's partnerships with other websites have created a national network of cannabis deals and information that reaches millions of consumers every month.

CONTACT:

Vida Almich
Email: vida@leafbuyertech.com
Phone: (720) 427 3927

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the Company's business strategy, product development and industry trends. No assurance can be given that the offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Use of Non-GAAP Financial Measures

The Company discloses and uses the above-mentioned non-GAAP financial measures internally as a supplement to GAAP financial information to evaluate its operating performance, for financial planning purposes, to establish operational goals, for compensation plans, to measure debt service capability, for capital expenditure planning and to determine working capital needs and believes that these are useful financial measures also used by investors. Non-GAAP adjusted EBITDA is defined as GAAP net income or net loss before interest, taxes, depreciation, and amortization (EBITDA) adjusted for the non-cash stock compensation and stock option expense, acquisition, integration & restructuring expenses, charges and gains or losses from extinguishment of debt and other non-cash items. Non-GAAP EBITDA and non-GAAP adjusted EBITDA are not terms defined by GAAP and, as a result, the Company's measure of non-GAAP EBITDA and non-GAAP adjusted EBITDA might not be comparable to similarly titled measures used by other companies. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flow that either excludes or includes amounts that are not normally included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP financial measures discussed above, however, should be considered in addition to, and not as a substitute for, or superior to net income or net loss as reported for GAAP on the Consolidated Statements of Operations, cash and cash flows on the Consolidated Statement of Cash Flows or other measures of financial performance prepared in accordance with GAAP, and as reflected on the Company's financial statements prepared in accordance with GAAP. These non-GAAP financial measures are not a substitute for or presented in lieu of financial measures provided by GAAP and all measures and disclosures of financial information pursuant to GAAP should be read to obtain a comprehensive and thorough understanding of the Company's financial results.

SOURCE: Leafbuyer Technologies, Inc.

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FAQ

What were Leafbuyer's cash sales for November 2022?

Leafbuyer's cash sales for November 2022 were $444,000.

How much did Leafbuyer's cash sales increase compared to November 2021?

Leafbuyer's cash sales increased by 53% compared to November 2021.

What is Leafbuyer's growth rate compared to the cannabis retail market?

Leafbuyer's growth rate is nearly 9 times the retail cannabis market growth rate.

Is Leafbuyer planning for growth in 2023?

Yes, Leafbuyer is working on several projects aimed at sustaining significant growth in 2023.