Business
Wildflower Reports 400% Revenue Increase
Wildflower Reports 400% Revenue Increase.
About this update from Wildflower Brands Inc
[{"type":"text","content":"\n VANCOUVER, British Columbia, Dec. 18, 2019 (GLOBE NEWSWIRE) -- via NetworkWire: Wildflower Brands Inc. (CSE: SUN, OTC:WLDFF) (the “Company”) is pleased to announce revenue for the fiscal year ending June 30, 2019 of $7.1M – a 400% increase over revenues of $1.4M in 2018.  The Company began aggressively marketing its CBD Wellness products during the fiscal year, culminating with the launch of its products in June 2019 at Dillard’s, an American department retail chain with over 290 stores in 29 states.  Highlights for the year ending June 30, 2019 (with comparisons to the prior year except as otherwise noted) include the following: Sales of $7,085,223 (2018: $1,408,114), including licensing fees from sales through our partner in the Washington State I-502 market, US nationwide e-commerce sales, nationwide US wholesale sales and from the sales in California State’s regulated market through the licenses held there;Cost of goods sold of $3,927,086 (2018: $915,997) related to the cost of the products and packaging sold during the year;Wages and benefits of $1,515,177 (2018: $175,669) related to wages and related benefits paid to employees;Consulting fees and management fees of $978,018 (2018: $473,735) related to fees paid to the Company’s CEO, CFO, COO and board of directors, as well as individuals providing business consulting services;Advertising and marketing costs of $384,616 (2018: $313,068) related to advertising and marketing campaigns for the Company’s cannabis products, as well as funds expended toward the branding of the retail locations in Manhattan under its Retail Worx agreement;Investor relations and shareholder communications of $691,532 (2018: $393,420) related to fees paid to investor relations personnel and costs associated with public relations;  Legal fees of $626,213 (2018: $59,015) related to general corporate matters and acquisitions, including the acquisition of City Cannabis Corp.;Bad debt expense of $1,198,808 (2018: $Nil) to recognize an allowance for doubtful accounts related to trade receivables;General office and miscellaneous expenses of $430,393 (2018: $166,621) related to office supplies and incidental expenditures for the Company’s Vancouver-based office, Washington State subsidiary office, and Californian subsidiary office; ...