Wildflower Quarterly Revenues Increase to $748,771
VANCOUVER, British Columbia, March 1, 2018: Wildflower Marijuana Inc. (CSE: SUN) (the "Company") is pleased to announce quarterly revenues climbed from $103,893 to $748,771. The Company experienced growth in all revenue streams and markets but the biggest gains were due to expansion into the California market.
The Company had comprehensive loss for the three months ended December 31, 2017 of $16,099 (2016: $219,725). The major differences in the reporting periods include:
- sales of $748,771 (2016: $17,664) includes licensing fees from sales through our partner in the Washington State I-502 market, sales of our King Brand, online sales and sales to other retailers throughout the United States;
- cost of goods sold of $84,238 (2016: $10,534) related to the cost of the products and packaging sold during the period;
- accounting and audit fees of $18,032 (2016: $8,957) related to professional accounting and audit fees incurred during the period;
- advertising and marketing costs of $97,258 (2016: $Nil) related to advertising and marketing campaigns for the launch and sales expansion of the Company’s cannabis products;
- consulting fees and management fees of $89,790 (2016: $54,271) related to fees paid to the Company’s CEO, CFO and board of directors, as well as individuals providing business consulting services;
- depreciation of $9,904 (2016: $4,036) related to the depreciation of tangible and intangible assets;
- equipment lease expense of $7,682 (2016: $Nil) related to operating leases for production equipment entered during the period;
- filing fees and transfer agent fees of $8,412 (2016: $6,670) related to fees paid to the Company's transfer agent and filing fees paid to regulatory bodies;
- general office and miscellaneous expenses of $48,874 (2016: $7,713) related to office supplies and incidental expenditures for the Company’s Vancouver-based office and Washington State subsidiary office;
- investor relations and shareholder communications of $7,659 (2016: $3,537) related to fees paid to investor relations personnel, and costs associated with public relations;
- rent of $22,733 (2016: $2,014) related to office space in Vancouver and Washington;
- share-based payment expense of $349,565 (2016: $133,162) related to fair value of incentive stock options granted during the period;
- travel and accommodation of $19,667 (2016: $2,820) related to travel;
- wages and benefits of $529 (2016: $4,750) related to wages paid to Canadian employees;
- website design and hosting costs $772 (2016: $626) related to maintenance of the Company’s website and related hosting charges; and
- rent received of $3,000 (2016: $4,000) from tenants subletting office space from the Company on a month-by-month basis.
Wildflower is a cannabis company focused on developing and designing branded cannabis products. Wildflower sells its CBD+ products online and to retailers throughout the US and also produces and markets its THC products in regulated cannabis jurisdictions.
On Behalf of the Board of Directors
Director and CEO
The Canadian Securities Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.