Chill Brands Group PLC (LSE:CHLL, OTCQB:CHBRF) said there are many reasons to be optimistic after a difficult year, including a website relaunch and more expected orders from stores and distributors thanks to a restructuring of its internal infrastructure.
“It will come as no surprise to anyone who has followed Chill Brands for some time that the company encountered significant difficulties during the period ended March 2022,” said chief executive Callum Sommerton.
Ahead of its annual general meeting, the producer of CBD and cannabinoid products said it continues to make progress on seed testing for its biological assets and believes it sells the “most differentiated products developed by any CBD brand on the market.”
In terms of financial management, it said it reduced recurring expenses by at least US$1mln annual by scrutinising every aspect of the business.
Chill said it expects to receive more purchase orders from stores and distributors after restructuring the group’s internal infrastructure, according to a statement.
A redeveloped Chill.com website is also set to launch this October, which will focus on marketing fundamentals such as search engine and conversion rate optimisation.
“While this work is ongoing, we have taken considerable strides to provide the company with a firm foundation from which to grow both in terms of revenue and shareholder value,” Sommerton added.