Denver, Colorado--(Newsfile Corp. - June 2, 2023) - CBD of Denver (OTC Pink: CBDD) today announced that it has started rolling out the Magic Lappen at EDEKA supermarket locations in Germany.
The Magic Lappen is currently in 28 EDEKA locations, with the goal being to roll out to a majority of 1700 current locations offered to the company. However EDEKA has over 11,000 locations that the Company is in talks to expand. The Company has designed and is producing Point of Purchase display units to place on the floor of EDEKA as well as cashier POP displays which the EDEKA retail chain has requested to help promote the product. The Company will be posting pictures from the roll out on Instagram and the Company's other social media locations.
"The acceptance we are experiencing is better than initially expected and we are thrilled how the roll out is being embraced by our customers," said Alex Reinke, CEO of CBD of Denver.
The Company also looks to build upon its success on Amazon that was bolstered by a post by JP Performance (see video around the 18:07 minute mark Video Link) showing a demonstration at a additional local auto show this past weekend. The Company intends to build on that momentum, that led the Magic Lappen to be a "Best Seller" in its category on amazon.de by pursuing additional social media exposure across multiple platforms. The Company is currently building up inventory and sending additional products to Amazon.
The Company is getting back on track, growing top line revenue from $26,000 in Q3 of 2022 to $113,000 in Q4 of 2022 and revenue of $259,000 in Q1 of 2023. 2023 first quarter revenue was comprised of $39,000 in sales of Magic Lappen and about $220,000 in CBD revenue. The company believes that Q2 it show revenue increases in both verticals.
The Company will need to raise capital to execute on these opportunities as well as fund the Company's corporate expenses including adding additional sales team to expedite the roll out of EDEKA stores, audits, legal, accounting, and general corporate activity. The Company believes that after the corporate events such as name change, audit, and restructuring of the capital structure, it will be in excellent position to build shareholder value. As noted in our filings, the Company was able to raise money both thru loans and the sale of equity as it was rebuilding revenue. The Company is pleased to announce that none of these transactions have any toxic elements. The debt was raised from a few friends of the Company and it is convertible into equity without a discount to market.
The Company intends to continue to grow top line revenue as demonstrated in Q1. Furthermore, the Company believes it can continue to improve bottom-line results, providing shareholder value for its investors. Management is conducting weekly meetings to build a financial operating model on its 3 verticals with profitability being the top priority .
The Company is focusing on serving our increasing larger customer base with spectacular products and services. The Company believes that this should produce value for our customers, shareholders, employees and management.as it continues to expand its customer base.
We want to thank our investors for their continued support and towards that end we would like to schedule a investor call for June 8, 2023, which will be led by Jonathan Leinwand, Alex Reinke and others to answer investor questions. The time for this call will be provided on Monday. This is a continuation of the Company's efforts to deliver transparency for all our investors. The company is committed to continue providing timely information while focusing on building a profitable and sustainable business.
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About the Magic Lappen
The Magic Lappen provides maximum shine, streak free drying, and only requires water - no chemicals or detergents. The Magic Lappen is also chemical-free and lint-free; cleaning of all smooth and shining surfaces is robust and durable with a leather-like feel. Its innovative structure enables high absorption of dirt, dust, and grease and can be washed many times at 60°. The product is vegan and ecofriendly.
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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