Denver, Colorado--(Newsfile Corp. - June 13, 2023) - CBD of Denver (OTC Pink: CBDD) today announced that it intends to expand the scope of its CBD business in conjunction with letters of intent executed in March 2023 and will provide updates during a shareholder call on June 14, 2023.
CBDD entered into 2 letters of intent in March 2023 for the acquisition of a German-based CBD specialist, which will provide warehousing and logistic services for Germany and expand CBD of Denver Inc.'s reach throughout Europe and with a wholesale and retail full-service Health and Wellness CBD company located in Switzerland.
After continuing conversations with the targets' principals, it has been decided to expand the scope of the Company's cannabis business leveraging the acquisitions covered by the LOIs to take advantage of Germany's recently announced liberalization of its cannabis laws. The recently announced regulatory framework will provide an opportunity for the opening of Social Clubs throughout Germany. The Social Clubs will be limited to 500 members and would be responsible for growing their own cannabis. The Company's goal is to be part of this social club roll out in Germany in early 2024 by providing services to the social clubs such as grow facilities and licensed locations. Our newly expanded team is positioned to take advantage of this proposed new law as the team is well versed in operating grow facilities in Germany and Switzerland. The team also has history of operating social clubs in Barcelona and Ibiza. The German regulation will have very specific parameters on grow and operational mandates that our team will assist with having many years of experience working with similar regulations throughout Europe. As the regulatory framework is finalized, the company will share more details regarding this opportunity as soon as possible.
The Company's existing wholesale business will be part of the operation and continues to grow revenues. The company intends to expand the wholesale division margins as the Company continues to grow sales. The Company is sourcing competitively priced CBD from outside of Europe to facilitate this effort. Additionally, the team being acquired brings decades of experience in the CBD business with existing customers. The Company is concentrating on 3 verticals in the industry: wholesale flower, social clubs, and technology to support these platforms.
Additionally, as part of this transaction the company intends to acquire branded products already distributed thru out Germany which the details will be expanded after the definitive closing documents have been completed. The company believes that it is in the best interest of all parties not to disclose all targets as this will adversely affect the company's position to complete the closing, furthermore the company will share all pertinent information after the closing.
The Company's Shareholder Update Call will be held at 4 pm Eastern Time on June 14, 2023. Call in information is available on the Company's website where shareholders will also be able to submit questions.
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About CBD of 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.
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.
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