CBD of Denver (OTCMKTS:CBDD) is one of the CBD stocks to have made a startling move in recent sessions. The company is involved in the hemp oil and CBD space.
It sells its products through the hemp-based CBD brand Black Pearl and also produces, as well as distributes, it’s CBD products in the lucrative market of Switzerland.
Recent Developments
This week the CBD of Denver (OTCMKTS:CBDD) has gathered significant momentum and over the course of the week so far, the stock has gained as much as 19%. In light of such gains, it could be a good idea for investors to possibly take a look at some of the recent developments.
Earlier this year in February, Swiss Industry Ventures acquired a controlling stake in CBDD. This is a significant milestone for the company since it could potentially lead to further growth of CBDD’s operations in Switzerland.
Soon enough, the Swiss Industry Ventures operations of CBDWelt24 and Rockflowr were brought under CBDD. That resulted in a major boost to the company’s revenues. Prior to that, CBDD generated revenues of $50,000 and commanded a market cap of only $800,000. In the quarter that concluded on June 30 this year, the company’s revenues skyrocketed to $517,025.
Financial Impact
However, things improved further in the third quarter. CBDD announced its financial results for the third quarter recently and managed to generate revenues of as much as $5,963,820. That represents major growth and on top of that, the company also managed to generate a gross profit to the tune of $484,666.
In addition to that, the company also successfully restructured the different parts of its business and brought it all under one brand. In the meantime Rockflowr has managed to emerge as one of the leaders in the wholesale CBD space in Europe and Switzerland.
Disclosure: We hold no interest in CBDD stock.