10th Consecutive Quarter With Increased Revenue
March 04 2019 - 8:30AM
Wildflower Brands Inc. (CSE:SUN, OTC:WLDFF) (the
“
Company”) announces more than $1.4M in sales in
its second quarter, compared to $1.0M in the first quarter. Sales
from all sources are up from the prior quarter with the largest
increase coming from sales to other retailers throughout the United
States. This marks the 10th consecutive quarter of increased
revenue.
Highlights for the second quarter (with
comparisons to the prior quarter except as otherwise noted) include
the following:
- sales of $1,410,135 (Q1: $1, 002,279) includes licensing fees,
online sales, sales to other retailers throughout the United States
and sales from the Company’s Los Angeles retailer, which includes
deliveries;
- cost of goods sold of $810,698 (Q1: $467,019) related to the
cost of the products and packaging sold during the period;
- advertising and marketing costs of $8,577 (Q1: $362,884)
related to advertising and marketing campaigns for the Company’s
cannabis products, as well as funds expended toward the branding of
the retail locations in Manhattan under the Retail Worx
agreement;
- consulting fees and management fees of $211,656 (Q1: $158,702)
related to fees paid to the Company’s CEO, CFO, COO, and board of
directors, as well as individuals providing business consulting
services;
- investor relations and shareholder communications of $12,824
(Q1: $362,912) related to fees paid to investor relations
personnel, and costs associated with public relations;
- professional fees of $27,410 (Q1: $17,966) related to
professional accounting and audit fees incurred during the period,
as well as legal fees related to general corporate matters and
acquisitions;
- wages and benefits of $296,889 (Q1: $253,174) related to wages
and related benefits paid to employees in Vancouver, Washington and
California;
- unrealized foreign exchange gain (loss) of $627,339 (Q1:
($180,202)) primarily related to the effect of USD fluctuations on
intercompany balances held in USD;
- interest expense of $187,779 (Q1: $175,135) related to the
interest accrued on the loans payable, promissory notes and
convertible debentures issued during the period;
- gain on settlement of debt of $15,000 (Q1: $Nil) related to the
settlement of debt with a former related party;
- exchange difference of $691,692 (Q1: $212,983) related to
translating the transactions of the Company’s foreign subsidiaries
with a functional currency other than the Canadian dollar.
ABOUT WILDFLOWER
BRANDS
Wildflower Brands is a company headquartered in
Vancouver building reputable brands and quality products that
incorporate the synergistic effects of plants and their
extracts.
On Behalf of the Board of Directors
“William
MacLean”____________________________________William MacLeanDirector
and CEO
The Canadian Securities Exchange Inc. has in no
way passed upon the merits of the proposed transaction and has
neither approved nor disapproved of the contents of this press
release.
Wildflower Brands Inc.
400-1505 West 2nd Ave,
Vancouver, B.C., V6Y 3Y4
Tel: (604) 559-0420
www.wildflowerbrands.co
info@wildflowerbrands.co
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