Shares of Leafbuyer Technologies Inc (OTCMKTS:LBUY) have been breaking higher in recent action, popping above the 50-day moving average midway through last week, and closing the week above the $0.20 level for the first time since early August. The stock is likely to have powerful overhead resistance following its dramatic decline at the end of July and in early August correlated with its S-1 filing.
Coloring the fresh action off the lows, the company just announced its quarterly cash sales increased 27% in the quarter ending September 30, 2019. According to the release, “the growth reflects cash sales in the quarter versus the same quarter of the previous year. Leafbuyer’s 27% growth rate continues to reflect higher than the industry average of 24%, a statistic published through a report by Arcview and BDS Analytics released June 20, 2019.”
Leafbuyer Technologies Inc (OTCMKTS:LBUY) trumpets itself as a technology-based cannabis marketing company based in Greenwood Village, CO.
The company’s website, leafbuyer.com is one of the most comprehensive online source for cannabis deals and specials, Leafbuyer.com connects consumers with dispensaries. Leafbuyer works alongside businesses to showcase their unique products and build a network of loyal patrons.
Leafbuyers national network of cannabis deals and information reaches millions of consumers monthly. Leafbuyer is the official cannabis deals platform of thecannabist.co (owned by the Denver Post) and westword.com.
The company also operates one of the largest cannabis-based employment boards in the industry and has partnered with large cannabis content sites that are included in their distribution network.
According to company materials, “Leafbuyer.com is one of the most comprehensive online sources for cannabis deals and information. Leafbuyer works alongside businesses to showcase their unique products and build a network of loyal patrons. Leafbuyer’s national network of cannabis deals and information reaches millions of consumers every month. Leafbuyer is the official cannabis deals platform of Dope Media, LA Weekly, and Voice Media Group.”
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As noted above, LBUY just announced its quarterly cash sales increased 27% in the quarter ending September 30, 2019.
“Year over year, Leafbuyer continues to accelerate its cash sales. To achieve this, we execute aggressive sales strategies based on daily, weekly, and monthly goals,” said Kurt Rossner, CEO. “We plan to expand our client base while maintaining diligence in identifying key acquisition partners.”
Recent action has seen 86% piled on for shareholders of the company during the trailing week. In addition, the listing has seen interest climb, with an increase in recent trading volume of 66% over the long run average.
“While some of our competitors cut personnel, we successfully doubled our sales and support teams to manage the increased demand for our products and services,” said Rossner.
Currently trading at a market capitalization of $16M, LBUY has a bankroll ($182K) of cash on the books, which stands against about $3.3M in total current liabilities. One should also note that debt has been growing over recent quarters. LBUY is pulling in trailing 12-month revenues of $1.8M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 44.1%. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $LBUY stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $LBUY, either long or short, and we have not been compensated for this article.