Endexx Corporation posted financial results for the third-quarter of fiscal 2022 that saw its revenue jump 246% year-over-year as sales continued to rebound and expand into mass retail and pharmacy stores.
For the period ended June 30, 2022, the Cave Creek, Arizona-based company, which develops and distributes plant-based topical health and skincare products, reported $418,151 in revenues, compared to $120,801 in the 3Q of fiscal 2021.
In addition, Endexx reported that revenue for the first nine months were $947,428, an increase of 127% compared to $416,094 in the same nine-month period in fiscal 2021.
READ: Endexx says its products are now available in over 8,000 stores in the US
Endexx products are now available in more than 8,000 mass retail and pharmacy stores throughout the US.
“The 8,000 mass retail stores are in the early stages of growth and are anticipated to fluctuate and grow over the remainder of fiscal 2022 and accelerate in 2023 and 2024 respectively,” noted the company.
In a statement accompanying the numbers, Endexx CEO Todd Davis said: “The 3Q showed continued expansion in revenues in mass retail stores. We currently are in the top two national pharmacies and the largest premium mass retailer in the US.”
He added: “Opening orders in mass retail is the beginning of long-term sales cycles, expansion requires investment and Endexx has managed the challenges of this growth cycle as efficiently as possible given the current financial markets.”
Endexx products include balms, creams, lotions, butters, masks, scrubs and oils aimed at healthy skin and grooming. The company is involved in the formulation of innovative phytonutrient-based wellness and nutritional products, with leading brands such as CBD Unlimited, Phytobites, and Blesswell.
“With ongoing anticipation of federal regulatory advances, we believe this industry is still in its infancy and has the potential to become a leading multi-billion dollar growth industry in the next few years,” said Davis.
“According to Nielsen Ratings, Endexx's topical balm and topical cream are the Top Two selling CBD topical products in the pain aisle in Nationwide Pharmacies,” he added.
Through its operating division CBD Unlimited, Endexx develops and distributes all-natural CBD products derived from cannabis sativa plants containing less than 0.1% THC. Its products include oils, capsules, topicals, and pet products, all with the shared purpose of therapeutic and pain relief.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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