Company Achieves Rare Milestone in Cannabis Industry
DENVER, CO / ACCESSWIRE / December 9, 2020 / Leafbuyer Technologies, Inc. ("Leafbuyer" or "the Company") (OTCQB:LBUY), a leading cannabis technology platform, announced today that it is has achieved positive cash flow on an operational basis. By growing monthly revenue and decreasing expenditures, the Company has reached a notable milestone that remains rare in the burgeoning cannabis industry.
"Over the past year, we have been building momentum and positioning Leafbuyer to become cash flow positive from operations," stated Kurt Rossner, CEO of Leafbuyer. "I am extremely proud to report that we have achieved this milestone in the month of November 2020. As we look ahead, I anticipate continued growth over the coming year as we increase recurring revenue, keep costs in check and pursue multiple acquisition opportunities."
Recent Momentum Highlights:
- Leafbuyer announced that revenue grew 33% and operating expenses decreased 51% year-over-year in the quarter ending September 30, 2020.
- Leafbuyer described its strategy to target the new markets that legalized medical and recreational cannabis during the 2020 election.
- The Company announced new Smart Technology product line, a completely unique offering for retail cannabis businesses.
- The Company's collected billings increased 32% June 2020 through August 2020.
"The initiatives we instituted a year ago and the adjustments we made during the pandemic are paying off," continued Rossner. "Creating the highest-quality technologies and providing exemplary customer service are the keys to our recurring revenue model and our profitability. Even though we have achieved an important goal, there is still enormous opportunity for Leafbuyer to grow in the coming years."
Leafbuyer realizes revenue from the sale of its sophisticated marketing technology platforms, which drive cannabis consumers to dispensaries and product companies across the country. The solutions include loyalty programs, mobile application-based order ahead, and access to millions of cannabis consumers through the Leafbuyer.com website and its network partners.
About Leafbuyer Technologies, Inc.
Leafbuyer Technologies is one of the most comprehensive marketing technology providers in the cannabis industry. Hundreds of cannabis businesses use the Leafbuyer texting and loyalty platform and the Smart App solution to engage with current and potential customers. Leafbuyer.com is a robust online resource for cannabis consumers, and the company's partnerships with other websites have created a national network of cannabis deals and information that reaches numerous consumers every month.
Learn more at Tech.Leafbuyer.com
Leafbuyer Technologies, Inc.
Andre Leonard, +720-432-5593
Cautionary Statement Regarding Forward-Looking Information
Safe Harbor Statement
This press release may contain forward-looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in the forward-looking statements due to several factors detailed from time to time in our filings with the Securities and Exchange Commission. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings.
SOURCE: Leafbuyer Technologies, Inc.