ENDEXX Corp. (OTC:EDXC) told investors it continues to grow its CBD wellness and Skincare revenues despite supply chain issues that continue to impact production, packaging and individual ingredient availability.
Releasing first-quarter fiscal 2023 results revealing a 17% increase in sales for the three months to December 31, 2022, the provider of innovative hemp-derived wellness and skincare products said supply chain issues may continue to delay some production runs in key product sets during 2023 and 2024.
Endexx also noted that competition in the industry is dwindling as the economic impact over the last two years has financially distressed many companies in the hemp and CBD industries. It reported $320,369 in 1Q revenues versus $274,591 in the first quarter of fiscal 2022.
READ: ENDEXX ships more than $3M of its recently reported $6M in HYLA purchase orders since October 2022
Expanding on its investment in HYLA US, Endex noted:
- HYLA shipped new product into four countries in 1Q realizing $456,400 in revenue;
- HYLA sales are accelerating internationally and gaining early traction in the US; and
- HYLA has shipped into Italy generating revenues on purchase orders announced in 1Q.
“The first quarter showed continued growth in revenues in the CBD space and Skincare categories,” Endexx CEO Todd Davis said in a statement. “Endexx is not currently consolidating the HYLA revenues into the Endexx financial statements. Endexx is excited and encouraged by the early success in its HYLA US investment.”
Endexx develops and distributes all-natural, plant-derived topical skincare products. Its products vary from balms, creams, lotions, butters, masks, scrubs, and oils, all with the shared purpose of healthy skin and grooming wellness.
The science behind these products involves a decade of clinical research in the field and lab work to provide a functional formulation with ingredients for optimal absorption and support of skin health.
Contact the author at stephen.gunnion@proactiveinvestors.com