Endexx Corporation told investors it is seeing its business rebound following two years of pandemic-related challenges as it reported an 85% increase in year-over-year sales.
The Cave Creek, Arizona-based provider of hemp-derived wellness and nutritional products said it saw $274,591 in revenues in its fiscal first quarter of 2022 versus $148,786 in the fiscal first quarter of 2021.
Much of that growth was down to more shelf space for its products, according to a statement. Endexx added 1,800 mass retail drug stores in its Core business and another 1,000 mass retail stores in men’s skincare and grooming during its fiscal 1Q ended December 31, 2021.
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"The first quarter showed continued rebound and growth in revenues," CEO Todd Davis said in a statement accompanying the results.
"As the business mix is balancing from ecommerce and specialty stores sales dominance to a stronger presence in Mass Retail in 2022, we continue to expand store count and shelf space with 2,800 new doors and are excited that our 'Muscle and Joint' balm and cream products are firmly the top two SKUs in volume and sales in their first six months on shelf."
The firm reported a loss of $1.6 million compared to $1.1 million in the same year-ago quarter.
Endexx Corporation, through its operating division CBD Unlimited, develops and distributes all-natural CBD products derived from cannabis sativa plant (Hemp), containing less than 0.01% THC. Its products range from oils, capsules, topicals, and pet products, all with the shared purpose of therapeutic and pain relief for humans and pets.
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