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Diego Pellicer Worldwide Inc (OTCMKTS: DPWW) Reported A 260% YoY Increase In Net Income For 1Q2021

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Diego Pellicer Worldwide Inc (OTCMKTS: DPWW) reported a 260% YoY increase in its net income to $816,280 for 1Q2021 compared to a net loss of $511,220 for 1Q2020. However, the company’s quarterly revenue dipped 50% YoY to $191,750 compared to $384,030 for a year-ago quarter. Diego’s net profit margin for 1Q2021 increased 425%, and cash on hand was $198,100 as of March 31, 2021. Before this, the company had reported a 32% YoY increase in its gross receipts for FY2020. Alongside a 47% YoY increase in gross receipts for the 4Q2020. Diego’s stock has soared 230% in the year-to-date trade. 

Financial highlights and management commentary

For FY2020, Diego reported cash on hand of $327,860 as of December 31, 2020. The company reported quarterly revenue of $184,760 for 4Q2020, suggesting a 52% YoY decrease. Accordingly, the company’s net income decreased about 20% YoY as it reported a net loss of $2.02 million. Nello Gonfiantini III, Chief Executive Officer of Diego, mentioned that its success is attributed to its portfolio of high-quality premium products, a world-class premium cannabis retail experience, and an experienced team of cannabis professionals. The financial results for FY2020 are adequate for the year challenged by the global pandemic. He applauded Diego’s employees for their diligence in facilitating a safe refined shopping experience compliant with the state and federal guidelines. 

Diego’s operational focus and awards

Diego is a premium marijuana brand poised for national expansion in the cannabis space by offering superior products at competitive prices. The company offers a premium retail experience for high-quality cannabis products through stores at prime locations in Colorado. Diego actively seeks to acquire high-end, turnkey retail stores, cultivation, and manufacturing facilities in the cannabis industry. Its long-term operational focus is to become a national, vertically integrated cannabis company. 

Diego hosts award-winning cannabis brands with unique offerings in flowers, topicals, edibles, concentrates, and THC-infused barbeque and wing sauces. Its award tally includes a prestigious Cannabis Business Awards (CBA) Globe Award for “Best Dispensary/Center – Medical or Recreational” in 2020. In addition, two of its executives – CEO Neil Demers and COO Nick Jack, were awarded the 2020 CBA Globes for MVPs for their valuable roles and work in the cannabis industry. 

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