Denver, Colorado--(Newsfile Corp. - July 26, 2023) - CBD of Denver (OTC Pink: CBDD) today announced that it has filed with FINRA to change the Company's name to Berliner Innovations. The Company also increased the number of authorized shares it may issue to 7 billion. Additionally, Paul Gurney has resigned from the board.
CBDD's corporate counsel has filed all necessary paperwork with FINRA starting the process to change the Company's name and trading symbol. This is a continuation of the process that new management began with the acquisition of Libra 9 and the restructuring of the wholesale CBD business.
The Company also has increased the number of authorized shares to 7 billion. This was done to allow the Company to issue shares to certain investors who had previously invested in the Company. Those shares will be restricted when issued. It additionally allows the Company to issue shares in conjunction with acquisitions and to pay board members in shares in order to preserve cash for operations.
Effective July 12, 2023, Paul Gurney resigned from the board of directors. Mr. Gurney had previously resigned as CEO. The company is also pleased that board member Nick Sprung has become more active with the Company and the company looks forward to working with Nick and benefiting from his expertise and contributions.
On the business front the Company is expanding the roll out of the Magic Lappen to Edeka stores throughout Germany and is pleased to announce we currently service more than 125 locations with our goal to get to 600 locations as soon as possible. Reaching 600 locations enables the Company to be a preferred vendor with Edeka which should increase sales. We are pleased with the consumer acceptance of the Magic Lappen and we are receiving reorders from many of our current customers. This is a testament to the quality of our products, and we look forward to their continued support.
"Axel is committed to expanding this amazing product through brick-and-mortar stores and online. I look forward to seeing it available throughout Europe in the future," said board member Robert Roever.
The Company is also pleased to announce the Anti Slip division has had its best 1 day sign up with 10 new business opportunities. Please visit www.berlinr13.de for additional information about our Anti Slip product.
The company's existing wholesale CBD business has experienced consecutive quarter-over-quarter growth for the past three quarters, and we expect this trend to continue in the immediate future. The company has also engaged a few of the original salesman from the past and look forward to their contributions. As we explore new initiatives to improve margins in this historically low margin business, we will provide further details on these initiatives. Countries across Europe are in the process of legalizing Cannabis. Malta started in the beginning of this year with Cannabis Clubs. Germany has published its first draft how to legalize cannabis and the final draft could be out as early as August.
We apologize for the postponement of our Shareholder Update Call as CEO Axel Reinke has been ill. Our goal is to hold the call as soon as possible, and the Company is pleased to announce that Nick Sprung will be on the call. Call in information will be available on the Company's website where shareholders will also be able to submit questions.
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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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