CBDD - CBD of Denver Reports YoY Increase In 2023 Gross Profit Reduces Loss As It Continues To Expand Internationally | Benzinga
CBD of Denver, Inc. (OTC:CBDD) has filed its financial results for the year ended Dec. 31, 2023.
The Colorado-based cannabis company said total current assets increased to $117,218 in 2023, up from $28,043 in 2022.
Gross profit for the year totaled $595,417, representing a significant recovery from a gross loss of $284,734 in the prior year, due to a 27% increase in sales and a reduction in cost of goods sold.
Net income before provision for income tax showed improvement with a loss of $377,729 in 2023, compared to a loss of $3,257,710 in 2022. CBD of Denver attributed it to the company’s efforts to enhance operational efficiency and improve cost management.
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Meanwhile, net income from operations showed improvement with a reduced loss in 2023 compared to 2022.
Additionally accounts payable decreased significantly ...