Cannabis Sativa Inc (CBDS)

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CBDS Reports Q2 Revenues Up 377% From Q2 2019 as Telemedicine Mainstreams
4:20 AM ET 8/14/20 | GlobeNewswire


CBDS Reports Q2 Revenues Up 377% From Q2 2019 as Telemedicine Mainstreams

Mesquite, NV, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Cannabis Sativa, Inc. (CBDS) announces Q2 Revenues of $721,095 and gross profit of $438,812 for the three months ended June 30, 2020. On a percentage basis this represents growth of 377% and 439% for revenue and gross profit, respectively, for the three months compared to the same period in 2019. For the six-month period ended June 30, 2020, revenues and gross margins were $1,214,235 and $744,617, respectively. This represents growth of 383% and 447%, respectively, when compared to the six months ended June 30, 2019.

"The telehealth sector overall has seen explosive growth, and CBDS' increases are a result of the improved business operations of PrestoCorp, our 51% owned subsidiary doing business as PrestoDoctor (https://prestodoctor.com/) said President David Tobias. PrestoDoctor continues to exceed expectations as people stay home, work from home, and practice social distancing while using telemedicine.

President Trump's recently signed Executive Order to Improve Rural Health and Telehealth Access replaces temporary Public Health Emergency ("PHE") rules. The new mandate permanently allows telehealth across state borders and gives PrestoDoctor expanded opportunities to provide services in states that were previously only tempraryliy available via the PHE rules. "These developments are expected to have a positive impact on revenues in the coming periods," President David Tobias stated.

In addition, GK Manufacturing and Packaging, Inc. ("GKMP"), our 51% owned subsidiary providing contract manufacturing of cannabidiol ("CBD") infused products to national and regional customers, is expected to provide substantial revenues by Q4 2020. GKMP is currently producing white label products infused with CBD for a range of customers, and is beginning to build a backlog of repeat orders that extend through the end of the year. Cannabis Sativa has invested over $400,000 into GMP to fund the start-up operations to date and expects to invest up to $100,000 as additional working capital during the ramp up phase.

About PrestoDoctor:

PrestoDoctor launched in California in the summer of 2015, and has since expanded into Nevada, New York, Oklahoma, Missouri and Pennsylvania. PrestoDoctor has facilitated over a hundred thousand appointments and maintains the highest customer satisfaction rating for any telemedicine service online. PrestoDoctor has over 14,000 5-star reviews, and is the first medical marijuana company to be accepted into the American Telemedicine Association. PrestoDoctor is HIPAA and HITECH compliant. PrestoDoctor plans to continue to expand its services in 2020.

About GK Manufacturing & Packaging:

GK Manufacturing is a Southern California based contract manufacturing, co-packing and white label company, producing a wide range of highest quality, lab-tested CBD products including edibles, tinctures, drinks and topicals. GK specializes in short batch runs, formulation, mixology, graphics/labeling and fulfillment. In--house brands include the well-established Ganja Juice brand (ganja-juice.com),Canna Science, and Murray & Rocco's CBD infused pet line.