Colorado Cannabis Company Projects $1.03M Revenue In Q2, Explores Opportunities In Germany
CBD of Denver, Inc. (OTC:CBDD) reported Monday that it is expecting $1.03 million in revenue for the second quarter, compared to $720,000 in the same period of 2023. Revenue from Libra 9 is not included, as the company continues the process of unwinding the transaction.
The Colorado-based cannabis company also shared updates on its plans to get into the German market. Specifically, the company’s European subsidiary, Luxora, received positive engagement in Berlin regarding a Near-Infrared (NIR) device used for cannabis testing.
Luxora will be making sales presentations to these potential clients. If proven sustainable, this initiative has the potential to provide higher-margin sales based on a markup on the device as well as recurring revenues based on the software as a service model, which is sold with the hardware device. CBD of Denver, is testing the viability of the business model before deciding on a specific direction.
Following a thorough assessment of its wholesale business unit, the company found it was not meeting its anticipated profit margins. However, the …