Elev8 Brands Inc. (OTCMKTS:VATE) has announced exceptional second-quarter financial results and new distribution contracts. The company reported a 25% growth in earnings from Q1 2019.
Impressive Q2 despite cutting ties with O2 Breathe
The company’s second-quarter results build on the impressive first-quarter results as the company continues its upward trajectory this year. Elev8 Brands’s performance is a result of the company’s separation from O2 Breathe in the second quarter. Besides the growth, the company recorded its first month of profit in June, which is quite impressive in less than three years.
O2 Breathe which is a former subsidiary popular for its CBD-infused oxygen bars used to generate around $220,000 per year for Elev8 Brands. The rate at which Elev8 Brands is growing is astonishing, and in the quarter it managed to earn more than 25% without O2 Breathe’s input.
Ryan Medico, the CEO of Elev8 Brands, has lauded the performance of the company this year. He has said that the company’s plan is on schedule and by the end of the year they will have surpassed their target of distributors. The company sold through its first production of its ready to drink CBD beverages faster in June; also recording its first profitable month.
More flavors of CBD beverages
The CEO has indicated that in the next few weeks, the company will finalize its branding redesign and national logo. The company plans to unveil its new CBD beverage flavors that will increase sales and most likely triple revenue. The company is already processing a production run for its CBD-Infused Ready-to-Drink teas and coffees to meet the growing demand.
Recently the company announced some distribution contracts as more people continue to seek contracts with the company’s sales team. Elev8 Brands signed a distribution contract with BS distribution which covers California and Endeavor Imports Inc. which covers parts of Chicago, Naperville, Evanston, and Rockford. With these new contracts, the company now has a distribution network of 18 distributors seeking to deliver their products to customers and retailers.
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