Company sees revenues up 123% year over year and up 32% quarter over quarter
CAVE CREEK, AZ, Feb. 16, 2018 (GLOBE NEWSWIRE) — Endexx Corporation (OTC PINK: EDXC), a provider of innovative phytonutrient-based food and nutritional products, is pleased to report record sales growth for its first quarter of fiscal 2018. For the three months ended December 31, 2017, the company generated $192,000 in sales, representing a 32% sequential quarterly increase and a year-over-year revenue growth of 123%.
First Quarter 2018 Milestones and Updates:
- Endexx acquired Holistic Earth Remedies LLC for its best-selling topical pain relief products.
- The company was awarded “Best Advancements in Hemp Industry” at Uptick Newswire’s Uppie Awards.
- Endexx exhibited and demoed at booth 420 at the 3rd Annual Southwest Cannabis Conference & Expo in Phoenix.
- Endexx sponsored “Athletes for Care” at the 4th Annual Cannabis World Congress and Business Exposition.
CEO Todd Davis commented, “Our first quarter was another record-breaking quarter, which was over 100% increase over the first quarter of 2017 in our core revenues. During that time, we successfully acquired Holistic Earth Remedies, adding an additional $23,423 in revenues for our Q1. We also attended a few conferences to raise awareness of our line of products and our brand. The quarter brought a significant increase in sales from our precisely formulated topical cannabidiol (CBD) balm and mist, along with our travel sleep aid, teas, oils, capsules, soft chews for dogs and other products that provide key benefits to the user. More recently, we are extremely excited by our contract with Impulse Health to bring retail products and our AutoSpense™ industrial-grade automated inventory control and dispensing solutions into the OTC pharmacy market. This immediately provides Endexx a focused pathway into 20,000 retail and pharmacy locations nationwide utilizing our proprietary technology. This is a fantastic opportunity for us – one that we will reap rewards from the next five years, and many times over.”
Endexx, with its collaborative partners and consultants, develops and distributes two consumable product lines derived from industrial hemp, which is organic and naturally rich in phytocannabinoids. Phyto-Bites® is its CBD-infused soft chews for dogs. The dog treats are formulated to promote health and support the reduction of separation anxiety, pain and inflammation. The company also has two technology products and services that launched in 2014 – the m3hub and the AutoSpense™. Both products provide essential solutions to promote regulatory compliance and full accountability through “seed to sale” inventory management and an “end of sale” technology integration. Based on principles developed by the pharmacological industry, the m3hub platform is the first standardized software solution for tracking pharmaceutical-grade marijuana that maintains compliance with federal, state and local regulations. It is intended to provide a smooth transition to eventual federal mandates. The AutoSpense™ is a commercial-grade inventory control and dispensing device that provides up-to-the-minute accounting details and ensures both product and patient security. By automating the dispensing process, AutoSpense™ increases productivity and reduces costs for marijuana retailers, while enhancing their service quality by reducing transaction time for customers. Websites include: www.cbdunlimited.com, www.endexx.com and www.phytobites.com.
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.
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