CBD Global Sciences Reports Q3 2019 Results with Revenue of $1.79 million up over 1,000% from Q3 2018 Revenue of $144,000
Denver, CO – December 5, 2019 – CBD Global Sciences, Inc. (CSE: CBDN) (Frankfurt:GS3), “CBD Global” or the “Company”), today announced the release of financial and operational results for the third quarter ended September 30, 2019. These filings are available for review on the Company’s SEDAR profile at www.sedar.com. All amounts are expressed in U.S. dollars.
- For the nine months ended September 30, 2019 revenue growth of 800% increase to $4.9 million from $600,000 revenue in all of fiscal 2018.
- The increase is attributed to a larger crop size, more effective farming methods, and the harvesting of plants for smokable and pre-rolled products.
- A larger variety of products sold in 2019 versus 2018.
- Addition of CBD products, smokable bud and clones sold in 2019.
- A larger crop harvest in 2018 (sold in 2019) versus crop harvest in 2017 (sold in 2018).
- The 2019 crop is larger and more potent than 2018.
- Gross Profit (before fair value adjustments) increased to 74% in 2019 from 4.9% in 2018. This was a direct result of increase in the sales price per pound with the addition of smokable CBD products and increase consumer demand.
- Assets and inventory:
- Larger amounts of biomass were harvested per plant in 2019 versus in 2018.
- Potency of CBD per plant continues to increase year over year.
- The higher the potency of the plant generally will lead to more efficient processing of the plant into CBD oil, which may translate to a higher plant value.
- A small increase in cost of production per plant of $2.62 in 2019 versus $2.42 in 2018, due to a larger labor base.
Third Quarter 2019 Business Highlights:
- The Aethics brand products have expanded into new States and locations with current and new retail partners which includes 248 news doors.
- Reorders are already coming in which presents strong sell through with the selected products.
- Increased product depth with new CBD performance drops, hydration drinks, and lotions.
“In an increasingly crowded and confusing CBD market, brands matter, and CBD Global continues to be a trusted provider of high-quality CBD product,” said Brad Wyatt, CEO of CBD Global Sciences. “Consumers are becoming more informed on choices of product in the CBD market space and are directing their purchases to the highest quality product and best value proposition.”
ABOUT CBD GLOBAL SCIENCES INC.
CBD Global Sciences, Inc., is a vertically integrated hemp-based CBD producer, extractor, and branding investment vehicle which currently owns two product categories, branded under the name AETHICS (www.aethics.com) and CANNAOIL (www.cannaoilshop.com), which include CBD Oil tinctures (liquid products), CBD capsules, CBD topicals. CBD Global Sciences hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online.
CBD Global Sciences, through its wholly owned subsidiary, Strasburg Pharms, grows and operates irrigated land in Colorado, that grows hemp with only all-natural Colorado water, soil, sun and nutrients and NEVER sprayed with pesticides or chemicals. Our genetics are hand selected and maintained to present the best cannabinoid profile with extremely high CBD. The extraction/processing facility, operated by CBD Global Sciences, is located approximately 40 minutes from the farm.
For further information, please contact Bruce Nurse, Investor Relations, (888) 401-2239, [email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future developments and the business and operations of the Corporation after the CSE listing. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Source: CBD Global Sciences, Inc.