CBD of Denver Holdings (OTC pink: CBDD) has announced its financial results 2024. Revenues increased to $3.7million compared to 2023 sales of $2.9million.
CBD of Denver also posted an EBITDA for the full year of $74,171. However, with the interest costs of $152,569, the company ended the year with a loss of $79 930.
The company had a $5 million deficit as of December 31, 2024. According to its annual report the company plans on increasing its revenue by increasing its marketing activities, enhancing its sales team, offering an attractive sales incentives program and strengthening its salesforce.
The management also stated that it intends to raise more funds through a public or private offering, or by borrowing money from banks and others. Already, the company has 7,8 billion shares that are outstanding and they trade at just a fraction cent. The company is also paying off its debt in shares.
Jan Schwager (CEO) said, “We are proud of our progress made in 2024.” We’ve become a much leaner and more agile organization with our strong growth in top line revenue.
However, it gave very little information on how this shift might be implemented.
In the last month the company has announced that they are shifting their focus. They will no longer be providing services on the German Cannabis market.
Schwager noted that 2024 had been an “year of difficult lessons”, particularly in Germany. Political uncertainties and bureaucratic obstacles derailed Schwager’s plans. “We are determined to use these experiences in order to shift our focus to markets and opportunities that have greater potential.”
A company filing also revealed that an agreement announced in 2023 for the purchase of the Magic Lappens Company, which produces anti-slip items and sells magic lappens, had fallen through. Both parties have agreed to cancel the deal by June 30th 2024. They are now waiting for signatures.