Nevis Brands (CSE:NEVI) wrapped up its third quarter 2024 reporting period with strong revenue and profit thanks to royalties received from licensees of its cannabis beverage Major across five states.
Despite operating for only two months of the quarter Nevis generated $275,669 in revenue.
CEO John Kueber told shareholders that the company has shown the ability for the business to run strongly, see continuing opportunities to expand revenues and improve operations.
“Sales and demand for Nevis beverages remain strong,” Kueber said in a statement.
“Our new Licensee in Oregon is now operational and producing as is Colorado. We look forward to generating increased revenue from those markets in Q4.”
Nevis is currently selling Major, a dosable 100mg THC beverage known for its rapid onset, in five states.
The company is planning new revenue streams from Nevada, California and other states in 2024, according to the CEO.
Nevis reported a net profit of $10,660, which is notable considering the reorganization costs and limited finished goods inventory inherited from prior ownership.
“We will continue to develop our business model of both geographic expansion and product expansion,” Kueber said.
The company's operational loss of $472,719 was attributed primarily to share-based payments and payments to previous vendors. However, this was largely offset by a gain of $509,563 from debt settlements.
The company reported $124,594 in salary expenses, including $80,000 related to a legal settlement with a former executive before the THC Essentials acquisition. Remaining settlements amount to less than $100,000 and will be concluded by the first quarter of 2024.