Mesquite, NV, July 02, 2020 (GLOBE NEWSWIRE) -- MESQUITE, NV / July 2, 2020 / Cannabis Sativa, Inc. (CBDS) reported record first quarter revenue for the three months ended March 31, 2020.
CBDS achieved first quarter revenue of $493,140, an increase of 392% over the first quarter revenue of $100,282 in 2019. The increase was attributed to rapid growth in our telemedicine subsidiary, PrestoDoctor, which provides telehealth services to clients seeking medical marijuana evaluations in states where medical marijuana has been legalized. We currently operate in California, Nevada, New York, Oklahoma, Missouri, and Pennsylvania, and we are looking at additional growth through expansion into Illinois, Ohio, Virgina, and Massachusetts later this year. We also see opportunities for growth internationally in Australia, Canada and Germany.
The global pandemic has significantly improved the acceptance of telemedicine platforms. Our focus on providing a clean and efficient interface for our clients to interact remotely with their doctors is paying dividends in our customer satisfaction ratings and growing customer base. David Tobias, our CEO, noted that "We are excited to be helping growing numbers of patients while we build a lasting and highly sustainable telemedicine platform focused on underserved markets". A
Additional operating results are included in the Company’s Form 10-Q for three months ended March 31, 2020, as filed with the Securitiers and Exchange Commission.
PrestoDoctor launched in California in the summer of 2015, and has since expanded into Nevada, New York, Oklahoma, Missouri and Pennsylvania. PrestoDoctor has facilitated over a hundred thousand appointments and maintains the highest customer satisfaction rating for any telemedicine service online. PrestoDoctor has over 4,000 5-star reviews, and is the first medical marijuana company to be accepted into the American Telemedicine Association. PrestoDoctor is HIPAA and HITECH compliant. PrestoDoctor plans to continue to expand its services in 2020.
About GK Manufacturing & Packaging:
GK Manufacturing is a Southern California based contract manufacturing, co-packing and white label company, producing a wide range of highest quality, lab-tested CBD products including edibles, tinctures, drinks and topicals. GK specializes in short batch runs, formulation, mixology, graphics/labeling and fulfillment. In –house brands include the well-established Ganja Juice brand (ganja-juice.com) and Murray & Rocco’s CBD infused pet line.
About Cannabis Sativa, Inc.:
Cannabis Sativa, Inc. (“CBDS”) is engaged in telehealth, contract manufacturing CBD infused products, and the licensing of cannabis related intellectual property, marketing and branding for cannabis based products and services, operation of cannabis related technology services, and ancillary business activities. CBDS holds a U.S. patent on the Ecuadorian Sativa strain of Cannabis, a U.S. Patent for a marijuana lozenge; a Cannabis-based pharmaceutical composition for the treatment of hypertensive disorders by submucosal delivery and trade secret formulas and processes, and operates subsidiaries including: PrestoDoctor® (https://prestodoctor.com), GK Manufacturing & Packaging (http://gkmanufacturinginc.com), Wild Earth Naturals® (https://wildearthnaturals.com), and iBudtender (https://ibudtender.com). The Company licenses a stylized “hi” brand in various categories, and “White Rabbit” brand, and is the official licensee for Virgin Mary Jane Brand (https://virginmaryjanebrand.com).
This press release contains “forward-looking statements.” Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Underlying assumptions include without limitation, the ongoing enactment of legislation favorable to the production of and the commercialization of cannabis products and the Company’s success in capitalizing on that legislation. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.