Leafbuyer Technologies, Inc. Reports Strong Growth in Dispensary Vertical

Rhea-AI Summary

Leafbuyer Technologies (OTCQB:LBUY) reported a 32% increase in collected billings from June to August 2020 compared to the previous three months. This growth rate significantly outpaces the cannabis industry's average of 14%. The rise is attributed to high customer retention and recurring revenue from the dispensary sector. CEO Kurt Rossner expressed optimism for continued growth, citing successful initiatives aimed at enhancing collections. The company generates revenue from its texting and loyalty app, online ordering platform, and website services.

Positive

• 32% increase in collected billings compared to the previous period.
• Growth rate exceeds the industry average of 14%.
• High customer retention contributing to recurring revenue.

Negative

• None.

Company Collected Billings Increase 32%

DENVER, CO / ACCESSWIRE / September 16, 2020 / Leafbuyer Technologies, Inc. ("Leafbuyer" or "the Company") (OTCQB:LBUY), a leading cannabis technology company, announced today a 32% increase in collected billings for the period of June 2020 through August 2020. The 32% increase reflects billings from dispensary customers in the period versus March 2020 through May 2020.

"We are constantly striving to exceed our sales goals and add to our recurring revenue model," said Kurt Rossner, CEO of Leafbuyer. "The initiatives we set in place earlier in the year are having a significant impact on collections, and we foresee this growth continuing through the end of 2020."

The Company's 32% growth rate is more than double the industry's projected compound annual growth rate of 14%, according to New Frontier Data. Progress is attributed to high customer retention and increased recurring revenue in the dispensary vertical.

"Our technology solutions are in high demand in the current cannabis industry landscape," continued Rossner. "I am confident that we will achieve our ultimate goal of profitability by providing excellent value to our customers and adding to their bottom line."

Leafbuyer realizes revenue from the sales of its texting and loyalty application, online ordering platform, and access to millions of cannabis consumers through the Leafbuyer.com website and its network partners.

To learn more about Leafbuyer, visit Tech.Leafbuyer.com.

About Leafbuyer Technologies, Inc.
Leafbuyer Technologies is one of the most comprehensive technology and communication software providers for the cannabis industry. Leafbuyer.com is an all-inclusive online resource for cannabis deals and information. Leafbuyer works alongside businesses to showcase their unique products and build a network of loyal patrons. Leafbuyer's national network of cannabis deals and information reaches millions of consumers every month. Leafbuyer is the official cannabis deals platform of Dope Media, Sensi Magazine, and Voice Media Group. Learn more at Tech.Leafbuyer.com.

Contacts
Leafbuyer Technologies, Inc.
Andre Leonard, +720-432-5593
aleonard@leafbuyer.com

Cautionary Statement Regarding Forward-Looking Information
Safe Harbor Statement: This press release may contain forward-looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in the forward-looking statements due to several factors detailed from time to time in our filings with the Securities and Exchange Commission. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings.

SOURCE: Leafbuyer Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/606280/Leafbuyer-Technologies-Inc-Reports-Strong-Growth-in-Dispensary-Vertical

FAQ

What is Leafbuyer's stock symbol?

Leafbuyer's stock symbol is LBUY.

What was Leafbuyer's billings increase percentage for June to August 2020?

Leafbuyer reported a 32% increase in collected billings for the period of June to August 2020.

How does Leafbuyer's growth compare to the cannabis industry average?

Leafbuyer's 32% growth rate is more than double the cannabis industry's projected average growth rate of 14%.

What are the main revenue sources for Leafbuyer Technologies?

Leafbuyer generates revenue from its texting and loyalty application, online ordering platform, and access to cannabis consumers via its website.

Who is the CEO of Leafbuyer Technologies?

Kurt Rossner is the CEO of Leafbuyer Technologies.