Business
GDET Announces Significant Streamlining to Focus on Driving Growth in CBD E-Commerce
GDET Announces Significant Streamlining to Focus on Driving Growth in CBD E-Commerce.
About this update from Gd Entertainment & Technology, Inc.
[{"type":"text","content":"\n FORT LEE, NJ, May 21, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- GD Entertainment and Technology (OTC: GDET) (“GDET” or the “Company”) is pleased to provide current and prospective shareholders with an update as the Company streamlines operations to focus the full scope of its operational and capital resources more narrowly to maximize long-term top and bottom line performance. The centerpiece of this focus will be online sales of CBD-based products primarily through TheGreeneryCo.com store. Anil Idnani, CEO of GDET, commented, “After analyzing our business model, GDET has undertaken a substantial realignment in operational and strategic focus to maximize returns from our most promising segment: e-commerce primarily centered around CBD-based products through TheGreeneryCo.com store. This realignment has entailed a series of cost-saving and cash-generating actions that will help to support the growth of the online CBD business by creating and diverting resources that can now be directed toward driving sales growth and customer acquisition.” The Company has already divested its cryptocurrency mining operations and equipment as well as all assets involved in its cryptocurrency ATM business. Proceeds from the sale of this equipment are being used to improve the Company’s balance sheet and fund future marketing activities designed to expand awareness of The Greenery brand and drive accelerating sales from CBD e-commerce operations. In addition, the Company closed its physical CBD retail business, further reducing expected expenses to emphasize its highest-margin path to aggressive sales growth. Management notes that the online CBD model represents the long-term future of the Company going forward. “We have already begun the process of exploring a range of options to drive expanding sales performance,” continued Idnani. “At this point, we are considering a number of strategies, including aggressive marketing investments as well as potential M&A moves designed to widen our end market footprint. We haven’t been this excited about the road ahead in a long time.” Management notes that market conditions for CBD-based products continue to present a powerful opportunity. Brightfield Group research suggests that the overall CBD-related products market grew over 7...