Colorado Cannabis Firm Boosts Market Via Teleshopping In Germany, Excels In Q3 Financials

Author: Joana Scopel | November 21, 2023 04:32pm

CBD of Denver, Inc. (OTCPK: CBDD) is making strategic moves to broaden the reach of its flagship product, the Magic Lappen, by entering into a teleshopping partnership with Channel 21, Germany's third-largest teleshopping channel. The collaboration, facilitated by Libra 9 GmbH, represents a shift from traditional brick-and-mortar sales channels to a broader audience.

"We are pleased to announce a partnership between Libra 9 GmbH and Channel 21, one of Germany's leading teleshopping broadcasters,” stated CBDD CEO Axel Reinke. “This partnership marks a significant step for our flagship product, the Magic Lappen, as we introduce it to a broader audience through Channel 21's extensive network."

The Magic Lappen, known for delivering streak-free cleaning results with water alone, will be presented in a 3-piece set on Channel 21. With Channel 21's extensive reach to approximately 32 million households, CBDD aims to showcase the product's capabilities to a diverse audience, presenting a potential for sales growth.

Channel 21's customer base of nearly 6 million shoppers, characterized by a trust in the network's commitment to quality and innovation, provides a promising market for the Magic Lappen. CBDD anticipates a positive reception, with the premiere of 'The Magic Lappen' “scheduled for the end of February, although there is a chance it might debut earlier, possibly in December," says Reinke.

Q3 2023 Financial Highlights

In tandem with the teleshopping announcement, CBD of Denver is reporting robust financial results for Q3.

The company achieved sales of $677,893 for Q3 2023, a notable increase from $26,907 in the same period last year. Sales are divided into approximately $145,000 for Berliner and $532,000 for Luxora.
Importantly, the net loss from operations has significantly improved to $50,850 for this quarter, compared to $219,160 for the same period last year.
For the first nine months of 2023, the company reports a loss of $94,284, a considerable reduction from $982,924 during the same period in 2022.

As the company focuses on shaping its 2024 strategy for both the Berliner and Luxora verticals, a board meeting in Berlin, Germany in early December will address key details, including streamlining the reporting process for timely filings. CBDD has initiated steps to enhance support personnel, professionals, and protocols for efficient reporting.

Price Action
CBDD’s shares were trading down at 5.56% at $0.0008 per share at the time of writing on Tuesday afternoon.

Image created using artificial intelligence tools

Posted In: CBDD