DENVER, CO–(Newsfile Corp. – August 30, 2024) – CBD of Denver, Inc. (OTC Pink: CBDD) announced today that Announced audit financial results. Navigate through challenging market conditions while focusing on operational efficiency and long-term growth.
Financial highlights:
For the three-month period ending June 30, 2024:
Revenue: The Company reported revenue of $1,002,240, an increase of 37.4% from $729,453 in the same period in 2023.
Operating Expenses: Total operating expenses were $63,971, down from $182,333 in the second quarter of 2023, reflecting cost reduction initiatives.
Salary was reduced from $131,526 in the second quarter of 2023 to $45,485.
For the six month period ending June 30, 2024:
Revenue: Revenue for the first half of 2024 was $2,125,562, up 109.4% 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 half of 2023, demonstrating improved operational efficiency.
Salary decreased to $137,171 from $174,237 in the same period last year.
Revenue for July 2024:
Although July is typically a slow month due to summer vacation, revenue for the month was approximately USD 225,293.61.
Luxora continues to navigate Germany's complex regulatory environment as it seeks to establish and expand its business. In a broader context, as of August 21, 2024, nearly 300 cannabis club applications have been submitted in various federal states, but only eight clubs have received approval, all in Lower Saxony. Located in the state. Reasons for delays and denials range from incomplete applications to inadequate health and youth protection plans and even violations of local regulations. Regulatory environments vary widely from state to state, further complicating the approval process.
In some states, including Bavaria, Baden-Wuerttemberg and Hamburg, applications have not yet been approved, with authorities citing problems such as missing documentation, incomplete youth protection and health plans, and violations of local laws. are. The situation is similar in other states, such as Schleswig-Holstein and Saxony, where similar problems prevent applications from being fully processed or approved.
In Lower Saxony, eight applications were approved, but an equal number were rejected due to non-compliance with youth protection requirements, such as insufficient distance from schools and playgrounds. Despite these challenges, there is room for optimism as authorities have allowed applications to be resubmitted with necessary amendments.
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About CBD in 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 Luxola Co., Ltd.
LUXORA Inc. is a pioneer in the European cannabis industry with offices in the United States and Europe. Our core expertise revolves around unlocking the potential of the legalized cannabis market and providing infrastructure solutions and consulting tailored to the dynamic needs of this rapidly expanding sector. . With a deep understanding of the opportunities and challenges posed by legalization, our experienced team is dedicated to developing the future of Europe's legal cannabis market. Our offerings range from consulting and market research to product development and distribution solutions, and are designed to simplify 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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