Endexx Reports Third Quarter Results and Provides Business Update
CAVE CREEK, AZ, Aug. 18, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ Endexx Corporation (OTC: EDXC) (the "Company" or a/k/a "CBD Unlimited"), a lifestyle company focused on the intersection of science, compliance, and formulation of innovative phytonutrient-based food and nutritional products, today announced financial results for its fiscal 2020 third quarter ended June 30, 2020.
“All industries have been impacted by the effects of COVID-19 and our third quarter sales are reflective of that. However, as we look to the nine months that ended June 30, 2020, we are continuously seeing a major growth trajectory in all aspects of our business,” commented Endexx Chief Executive Officer and Chairman, Todd Davis. “Although the pandemic is still impacting the global markets, we have already seen an increase in orders over the last 30 days, a promising indicator of the economy reopening. We are now rolling out additional orders so that shelves at mass retail and pharmacy locations can be fully stocked. 2020 is proving to be an inflection point at our Company as we transform into a lifestyle brand across various industries. In addition to expanding our CBD product suite with new innovative products for humans and pets, we are now working to develop our new media and clothing business operations to help facilitate growth of the brand. As we look to the future of Endexx, we are excited for the remainder of 2020 and are looking forward to delivering positive results for our shareholders.”
Recent Highlights
- Secured additional distribution channels resulting in an expanded network in the pharmaceutical and grocery/natural food channels, as well as independent retailers.
- Acquired Retail Pro Associates, Inc. to expand Phyto-Bites and equine division.
- Soft-Launched orders from the company’s major global distributor and additional retailers for its high-quality hemp-derived products.
- Introduced investor outreach and ambassador program.
- Launched new product line, Phyto-Drops CBD for Pets.
- Initiated RubyBees™ Hemp Infused Honey e-commerce sales.
Earlier this year, the Company completed an acquisition of Kush, Inc. (also known as Kushwear). Kush, Inc. is a media-driven entity specializing in building brands through strategic marketing and relationships. Kush, Inc., the owner of Kushwear.net, supports labels known for manufacturing, distributing, and selling hemp-derived materials as well as various sustainable bio-products.
In March 2020, the Company completed an acquisition of CBD Life Brands, Inc for its digital and social assets, copyrights, trademarks, and formulas/recipes for its CBD infused beverages.
Financial Results
The Company posted quarterly revenue of $200,060, which resulted in revenues of $1,798,983 for the nine months ended June 30, 2020, compared to $917,862 for the nine months ended June 30, 2019, illustrating a year-over-year increase of 95.99%. Third quarter results decreased when compared to last year’s same quarter due to the economic slowdown caused by the novel coronavirus. Fortunately, the Company is beginning to see orders pick up again and is equipped to meet recent demand illustrating an upcoming strong fourth quarter.
The Company filed its Form 10-Q on
About Endexx Corporation and CBD Unlimited
Endexx Corporation, through its operating division CBD Unlimited, develops and distributes all-natural CBD products derived from cannabis sativa plant (Hemp), containing less than 0.01% THC. Its products range from oils, capsules, topicals, and pet products, all with the shared purpose of therapeutic and pain relief for humans and pets. Phyto-Bites are CBD soft chews for animal use that are formulated to promote health and support the reduction of separation anxiety, pain, and inflammation. The science behind these products involves over half a decade of clinical research in the field and lab work to provide accuracy in dosage and delivery of optimal absorption per serving.
In the interest of providing conformity with federal and state mandates, the company has incorporated the “Gorilla-Tek” platform into its business practices. The Gorilla-Tek platform is the first standardized hardware agnostic and software solution that tracks high-risk, high-shrink regulated, and restricted products maintained under federal/state/local compliance. The platform provides asset protection, inventory management, compliance, and an “end of sale” technology integration. Based on principles developed by the pharmacological industry, the integrated “Gorilla-Tek” platform is tremendously efficient as it provides up-to-the-minute accounting and product details. Gorilla-Tek increases productivity while reducing costs for retailers and costs in time for customers.
Safe Harbor Notice
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements.
Contact:
For further investor and media information, please contact:
Endexx Corporation
Todd Davis, Chairman and CEO
480-595-6900
