Endexx fourth quarter sales rebounded, up 360% from third quarter revenue
CAVE CREEK, AZ, April 01, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Endexx Corporation (OTC:EDXC), a provider of innovative hemp-derived wellness and nutritional products, today announced its audited annual report for fiscal 2021. Endexx faced multiple challenges associated with the pandemic and a slowdown in retail markets during the first three quarters of its fiscal 2021. Ongoing supply chain issues impacted packaging and availability of individual ingredients, delaying production runs of key product sets during the year. Declining consumer footfall and retail store closures have affected the revenue growth curve in 2021. Endexx reported its first decline in revenue since entering the hemp industry in 2014. The company recorded a 43% reduction in revenue in fiscal 2021. However, sales rebounded. significantly in the fourth quarter, establishing an upward trend that accelerates in fiscal 2022.
2021 Milestones and Highlights:
Launch of Blesswell™ skincare and men’s grooming line
- Endexx, with partner DJ Khaled, launched the new CBD brand and category in May 2021
- The Jamaican CLA has granted a retail license to Go Green Global.
- Retail Herb House opened in Ocho Rios, Jamaica in August 2021
Increased F/D/M storage space
- Endexx has doubled its commercial footprint in large retail pharmacies
- Endexx placed two new “Core Value Line” SKUs in 4,000 stores in July, reaching a wider audience with more accessible pricing options.
Form 10 Registration
- Endexx has completed Form 10 registration and is now a fully reporting SEC filer
- Endexx Executes Plan to Move to OTCQB and then Nasdaq
- Endexx has prepared a Reg A filing for future financing options
- Reduction of long-term debt by 13.5%
- Reduced derivative liability by 68%
- Reduction of annual interest on debt by 50%
- Net loss reduced by 26%
Endexx has invested in the brand and consolidated offerings
- Endexx has invested in ‘Blesswell’, its new men’s grooming and skincare range
- Endexx invests in its “Core Value Line” for retail
- Endexx has invested in product upgrades and cost reductions
- Endexx has reformulated its pet product offering for a new launch
- Endexx invests in e-commerce and brand differentiation
“Fiscal 2021, ‘the year of delays,’ impacted production, professional services and health issues that affected all aspects of its business plan timing and execution by company,” CEO Todd Davis said. Davis added, “The Endexx team collaborated and made tough decisions in 2021 that kept the engine running and began the successful execution of its business plan in the fourth quarter, which is accelerating to in fiscal year 2022.” Davis concluded, “We were successful in placing the new line in 4,000 doors and saw the ‘Muscle and Joint’ balm and cream products become the top two SKUs by volume and sales in their first 26 weeks in business. Ray.
In summary, the financials indicated evidence of a slow decline in sales at the height of the Covid pandemic. The trend then reversed sharply in the fourth quarter with accelerated growth through fiscal 2022. Endexx took steps to strengthen its balance sheet and execute on the company’s long-term business objectives.
www.endexx.com & www.cbdunlimited.com
About Endexx Corporation
Endexx Corporation, through its CBD Unlimited operating division, develops and distributes all-natural CBD products derived from the cannabis sativa (hemp) plant, containing less than 0.01% THC. Its products range from oils, capsules, topicals, and pet products, all with the common goal of pain relief and therapy for humans and pets. Phyto-Bites are CBD chews for animal use that are formulated to promote health and help reduce separation anxiety, pain and inflammation. The science behind these products involves over half a decade of clinical field research and laboratory work to provide precision in dosage and delivery of optimal absorption per serving.
Safe Harbor Notice
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are therefore forward-looking. Forward-looking statements include all statements that are not statements of historical fact regarding the current intention, belief or expectations of the company, its directors or its officers. Investors are cautioned that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those set forth in the forward-looking statements are risks and uncertainties associated with the company’s business and finances generally, including the ability to pursue and manage its growth. , competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements.
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