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Friday, August 07, 2020 4:54:49 AM
We have witnessed revenues bottoming out. I think it's safe to assume that the pet line will also come out soon as they promised more innovation in 30-45 days.
Q1 8.3M
Q2 5.4M
Q3 6M
Q4 11M
total $30.7M
Here are my notes from Q2 CC
* Launched new brand “Happy Lane” with 6 SKU’s ($650B convenient store market opportunity).
* Launched CV Acute. No restriction to be sold on major e-commerce sites, including Amazon. We fully expect our immunity product line will be sold on Amazon through a strategic distribution relationship. We hope to have more detail on this over the next 30 to 45 days.
* Over the next 30-60 days will launch updated PlusCBD product line, which will include modernised packaging, new innovative products and an updated marketing campaign.
* Completed pharmacological and toxicological studies in support of their plan for Phase 1 clinical study for smokeless tobacco addiction drug.
* FDA regulations coming late 2020 or early 2021.
* Distribution agreements are in place, and well-established where a regulated market, when a full product offering, including ingestibles are open for mass distribution.
* Published two papers intended to directly respond to FDA's request for “data that may help to address uncertainties and data gaps related to CBD, including real-world evidence to address safety questions.”
* Increased our store count to 6,325 nationwide, including expanded distribution of our topical products with a leading Southeast supermarket retailer and with two other national supermarket retailers.
* One of our primary areas of focus will be to significantly increase site visitors over the next several quarters. We fully expect to bridge the gap to our market competitors over the next year
* Much more innovation to announce over the next 30 to 60 days.
* Cash used in operations during the first six months of 2020 was $4.1 million of which we spent approximately $1.9 million on our drug development efforts.
* Remain on track to achieve our target of $10 million of annualized OpEx, cash savings.
* Drug development program is undervalued and they believe it provides significant potential shareholder value as they continue to advance the program.
* We do have other studies that we intend to sponsor that will not only sort of support the safety of the ingredient, but also begin to demonstrate efficacy for certain conditions.
* Maintained strong total cash balance of $8.1 million at quarter end.
Do not let the market scare you if attack is orchestrated, accumulate and continue to hold strong!
We will prevail!
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