MESQUITE, May 26, 2020 (GLOBE NEWSWIRE) -- Cannabis Sativa Reports Doubling Revenues in 2019, Projects Continued Revenue Growth in 2020
MESQUITE, NV / May 26, 2020, / Cannabis Sativa, Inc. (CBDS) is proud to announce reporting Revenue for the fiscal year ended December 31, 2019 of $1,159,737, more than doubling 2018 revenues of $505,705. Cost of revenues for the fiscal years ended December 31, 2019 and 2018 were $462,940 and $209,871, respectively. The increases for 2019 are a result of the improved business operations of PrestoCorp, our 51% owned subsidiary doing business as PrestoDoctor (https://prestodoctor.com/).
Telemedicine has become a growth area which drove revenues higher in 2019. PrestoDoctor continues to exceed expectations in 2020 as the dynamics of the COVID-19 pandemic have caused increased interest in telehealth, and emergency regulations are opening new markets. "We are experiencing a remarkable surge of interest in PrestoDoctor as people stay at home, work from home, and practice social distancing. Difficulties in getting to a doctor’s office and concerns about being away from home are encouraging new customers to explore the telehealth option. State and local governments have established emergency rules to permit telehealth across state lines, further expanding the reach of PrestoDoctor's business model. All of these developments are expected to have a positive impact on revenues in the coming periods,” said CEO David Tobias.
In addition, GK Manufacturing and Packaging, Inc. (“GKMP”), our 51% owned subsidiary providing contract manufacturing of CBD infused products to national and regional customers, is expected to provide substantial revenues by Q4 2020. GKMP is currently producing and packaging hand sanitizer to meet the needs of customers during the pandemic. Cannabis Sativa has invested $225,000 into GKMP to fund the start-up operations and expects to invest up to $275,000 as additional working capital while GKMP completes its buildout and ramps up production. GKMP has several products ready for market, including a “Stitch Duran” branded cut cream for boxers and MMA fighters, and we expect rapid revenue growth as our manufacturing capabilities come on line in the coming months.
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 the “hi” and “White Rabbit” brands, 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.