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Wildflower Posts 9th Consecutive Quarter With Increased Revenue
VANCOUVER, British Columbia, Nov. 30, 2018 (GLOBE NEWSWIRE) -- Wildflower Brands Inc. (CSE: SUN, OTC:WLDFF) (the “Company”) announces more than $1M in sales in its first quarter, compared to $103,893 in the first quarter of the prior year. Sales from all sources are up from the prior quarter with the largest increase coming from sales to health and wellness retailers throughout the United States. This marks the 9th consecutive quarter of increased revenue.
Highlights for the first quarter (with comparisons to the first quarter last year except as otherwise noted) include the following:
- sales of $1,002,279 (2017: $103,893) includes licensing fees from sales through our partner in the Washington State I-502 market, online sales, sales from our California licenses and sales to other retailers throughout the United States;
- cost of goods sold of $467,019 (2017: $49,570) related to the cost of the products and packaging sold during the period;
- advertising and marketing costs of $362,884 (2017: $Nil) 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 $158,702 (2017: $77,156) related to fees paid to the Company’s executives and board of directors, as well as individuals providing business consulting services;
- investor relations and shareholder communications of $362,912 (2017: $66,091) related to fees paid to investor relations personnel, for marketing campaigns and costs associated with public relations;
- legal fees of $17,966 (2017: $Nil) related to general corporate matters and acquisitions;
- wages and benefits of $253,174 (2017: $1,095) related to wages and related benefits paid to employees;
- unrealized foreign exchange loss of $180,202 (2017: $Nil) primarily related to the effect of USD fluctuations on intercompany balances held in USD;
- interest expense of $175,135 (2017: $Nil) related to the interest accrued on the loans payable, promissory notes and convertible debentures issued during the period;
- financing costs of $65,760 (2017: $Nil) related to the payment made to extend the maturity date of a promissory note; and
- exchange difference on translating foreign operations of $212,983 (2017: $Nil) 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
Director 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.
CONTACT: Wildflower Brands Inc. 400-1505 West 2nd Ave Vancouver, B.C., V6Y 3Y4 Tel: (604) 559-0420 www.wildflowerbrands.co firstname.lastname@example.org