Company Sees Revenues Up 59% Year Over Year
CAVE CREEK, AZ, Jan. 07, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Endexx Corporation (OTC PINK: EDXC), a provider of innovative phytonutrient-based food and nutritional products, is pleased to announce its financial and operational highlights for the fiscal year ended September 30, 2018.
The Company generated $797,549 in sales for the fiscal year ended September 30, 2018, representing a 59% increase compared to the full year ended September 30, 2017. Gross profit was $348,295 for full year ended September 30, 2018, up 20% as compared to the full year ended September 30, 2017. Operating loss was $(867,483), compared to an operating loss of (223,754) for the full year ended September 30, 2017, Net loss for the full year ended September 30, 2018 was ($1,738,150).
Recent Milestones and Updates:
During the year, the Company reported that it grew its distribution to over 1,000 points and anticipates reaching its conservative goal of 5,000 by 2020. The Company has disclosed a 70% consumer reorder rate for its CBD Unlimited product line and a 20% growth rate from retailers. As pioneers in the hemp CBD space, CBD Unlimited is now in full commercialization and believes that in light of the 2018 Farm Bill, which legalizes hemp CBD, has the ability to significantly increase its sales going forward.
CEO Todd Davis commented, "We are pleased to report another solid year in which we saw double digit organic revenue growth as a result of our committed efforts to diversify our product line and focus on accretive partnerships and acquisitions that align with our strategy to grow our brand. We believe we’ve created significant momentum to propel us even further as we enter 2019. On the business front, we continued to grow sales of our CBD products, established an international hub to expand our distribution points, and invested in the right team to advance our proprietary technology. As a result, these events demonstrate our ability to execute towards a long-term strategic growth and being one of the leading brands in the hemp CBD space. The appointment of Dustin Sullivan as COO in the short time has added tremendous value given his deep relationships within the big pharmacy retail chains and we believe we now have the ability to rollout our products to over 30,000 stores within the next 2 years.”
About CBD Unlimited, Inc.
CBD Unlimited, Inc., with its collaborative partners and consultants, develops and distributes two consumable product lines derived from Hemp, which is all-natural and rich in phyto-cannabinoids. Phyto-Bites® is its CBD-infused soft chews for dogs. The dog treats are formulated to promote health and support the reduction of separation anxiety, pain and inflammation.
The company also has two key technology products and services that launched in 2014. Both products provide essential solutions to promote regulatory compliance and full accountability through asset protection, inventory management, compliance and an “end of sale” technology integration. Based on principles developed by the pharmacological industry, the integrated “Gorilla-Tek” platform is the first standardized hardware agnostic and software solution for tracking high- risk high-shrink regulated and restricted products that maintains compliance with federal, state and local regulations. It is intended to provide conformity with federal and state mandates. Gorilla-Tek™ is also a commercial-grade inventory control and dispensing device that provides up-to-the-minute accounting details and ensures both product and patient security. By automating the dispensing process, Gorilla-Tek™ increases productivity and reduces costs for retailers, while enhancing their service quality by reducing transaction time for customers.
Safe Harbor Notice
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements.
Contact: For further investor and media information, contact: CBD Unlimited, Inc. Todd Davis Chairman & CEO Todd@cbdunlimited.com 480-595-6900