CBD OF DENVER, INC. (CBDD) Releases 3rd Quarter Financial Statements
DENVER, Nov. 16, 2020 /PRNewswire/ -- CBD of Denver, Inc. (OTC: CBDD), a full-line CBD and Hemp oil company ("CBDD") selling Black Pearl CBD hemp products and the owner of CBD Social Network today announces the release of its financial statements for the 3rd quarter of 2020.
CBDD has posted their Financial Statements for the 3rd quarter ended September 30, 2020, on OTCMarkets.com. Third quarter results exceeded management's expectations. Gross revenues increased nearly 10-fold over the second quarter to $5,963,820.00 with gross profits of $484,666.00.
Rockflowr GmbH generated the bulk of that revenue and is still growing. Rockflowr has be able to source hemp flower from the United States in large quantities and its distribution has grown to more than 7 countries in Europe. CBDD CEO Marcel Gamma explains "Business is so good, we have dealers waiting in line outside of our offices to buy product. We are thrilled with the growth of our company." Growth does come with challenges, with the company having to move its office/warehouse from the current 160 square meters to a larger 260+ square meter space. The pandemic and ensuing business closures allowed the company to actually reduce its per square meter cost, saving money. Rockflowr hired 2 additional highly qualified employees, who were available only due to the pandemic. The addition of pollen to the product line has also increased Rockflwr's profit margins.
CBD Welt 24 also performed well during the quarter, adding additional space and lights to grow approximately 30-40% more plants.
CBDD is focused on using equity to acquire profitable Swiss assets at attractive valuations to create value for all our shareholders
CBDD offers a superior CBD product that is full spectrum without depending on THC to activate the benefits of cannabidiol. Black Pearl CBD has 0% THC, but is not an Isolate where the THC is stripped from the product rendering it ineffective. We use a proprietary technique adding terpenes as the activation ingredient, resulting in a product that is the finest in the industry. Products are available at www.blackpearlcbd.com.
Information contained herein includes forward-looking statements. These statements relate to future events or future financial performance, involving known and unknown risks and you should not place undue reliance on these statements. Any forward-looking statement reflects our current views with respect to future events. We assume no obligation publicly about update or revise these forward-looking statements for any reason.
SOURCE CBD of Denver, Inc.
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