CAVE CREEK, AZ--(Marketwired - Aug 29, 2016) - Endexx Corporation (OTC PINK: EDXC), a provider of innovative hemp derived phyto-nutrients and nutritional products, today announced business highlights for the third quarter and nine months ended June 30, 2016.
Highlights for the Quarter:
- Q3 2016 revenue were $42K as compared to revenue of $59K for the same period in the prior year
- Revenue for the first nine months of 2016 increase 70% to $154K as compared to $90K for the same period in the prior year
- Cash was $26K for the period ended June 30, 2016
- E-commerce maintained growth during the third quarter of 2016, with significant growth in new stores, products are now sold in over 80 stores resulting in the increase in customer growth
- Increased distribution of consumer products over 30% in retail stores
"Our 3rd quarter was relatively flat in top line growth, however our customer base continued to increase significantly with our products now sold in over 80 stores," said Todd Davis, CEO of Endexx. "During the quarter we established a viable footprint to grow our CBD sales initiative which have directly attributed to the growth in awareness of our product benefits. Our products continue to produce exceptional results for our clients and the feedback from the medical community has been highly supportive and positive. As a result, we believe that we are on pace for a record year in revenues for the fiscal year 2016."
Endexx provides innovative medical marijuana management and technology solutions. Endexx, with its collaborative partners and consultants, develops and distributes consumable product lines derived from industrial hemp that is GMO and pesticides free and naturally rich in phytocannabinoids. The company has two technology products and services that launched in 2014 -- the M3hub and the Autospense™. Both products provide essential solutions to promote regulatory compliance and full accountability through "seed to sale" inventory management and tracking. Based on principles developed by the pharmacological industry, the m3hub platform is the first standardized software solution for tracking pharmaceutical grade marijuana that maintains compliance with federal, state and local regulations. It is intended to provide a smooth transition to an eventual federal mandates. The Autospense™ is a high-tech marijuana inventory control and dispensing device that provides up-to-the-minute accounting details and ensures both product and patient security. By automating the dispensing process, Autospense™ increases productivity and reduces costs for marijuana retailer, while enhancing their service quality by reducing transaction time for customers. Websites include: www.m3hub.com,
www.cbdunlimited.com, and www.endexx.com.
Safe Harbor Notice
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.