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CBD of Denver, Inc. (OTC:CBDD) has filed its financial results for the year ended Dec. 31, 2023.
The Colorado-based cannabis company said total current assets increased to $117,218 in 2023, up from $28,043 in 2022.
Gross profit for the year totaled $595,417, representing a significant recovery from a gross loss of $284,734 in the prior year, due to a 27% increase in sales and a reduction in cost of goods sold.
Net income before provision for income tax showed improvement with a loss of $377,729 in 2023, compared to a loss of $3,257,710 in 2022. CBD of Denver attributed it to the company’s efforts to enhance operational efficiency and improve cost management.
See also: CBD Of Denver’s Success In Challenging Climate With Increase In Q4 Revenue
Meanwhile, net income from operations showed improvement with a reduced loss in 2023 compared to 2022.
Additionally accounts payable decreased significantly to $297,164 in 2023, down from $961,651 in 2022.
“It is with great pride that I report on the robust financial performance and strategic achievements of CBD of Denver for the year 2023,” Axel Reinke, CEO of CBD of Denver, said. “The transformation from substantial losses in the previous year reflects the determination and adaptability of our team. We remain dedicated to driving growth, maximizing shareholder value, and spearheading innovation in our industry.”
CBD Of Denver is one of the companies in the U.S. and Canada that are capitalizing on the expanding European market, with Germany being at the forefront of the change and by far the largest market.
CBD of Denver has been eyeing the new market with its acquisition of a German-based CBD specialist as well as its wholly-owned subsidiary, Luxora. CBDD took a significant step into the European cannabis market by signing four letters of intent (LOIs) for the establishment and operation of four Cannabis Clubs in Germany in September.
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As of April 1, adults over 18 in Germany can legally possess up to 25 grams of dried cannabis and cultivate up to three marijuana plants at home. Moreover, as of July 1, adults will also be able to join not-for-profit social clubs where they can buy up to 25 grams of cannabis, with a cap of 50 grams per month. That cap is 30 grams for members under 21 years old.
The company wrapped up 2023 by unveiling its latest venture, Luxora Real Estate AG in Switzerland, signaling a move into commercial real estate. Set for 2024, Luxora's objective is to amass 10 million CHF for purchasing commercial properties in Germany.
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