JACKSONVILLE, FL / ACCESSWIRE / November 16, 2021 / LFTD Partners Inc. (OTCQB:LSFP) (www.LFTDPartners.com), today announced its fifth consecutive quarter of growth in revenue, net income, and basic and diluted earnings per share during the third quarter of 2021, driven by the growth of its wholly-owned subsidiary Lifted Made (www.LiftedMade.com), maker of the award-winning Urb Finest Flowers brand of hemp-derived products. On a quarter-over-quarter basis:
- Revenue grew 32%, from $6,695,144 to $8,820,952
- Net income grew 40%, from $1,596,154 to $2,236,178
- Basic earnings per share grew 21%, from $0.14 to $0.17
- Diluted earnings per share grew 26%, from $0.11 to $0.14
Nicholas S. Warrender, Vice Chairman and COO of LSFP, and founder and CEO of Lifted Made, said: "These Q3 financial results demonstrate once again that the award-winning Urb Finest Flowers brand appeals to customers because of its high quality, positive user experience, attractive packaging and fair pricing. And so far during the current quarter, our sales are continuing to accelerate. We are relentlessly building our supply of raw materials, production capabilities, inventory of finished goods, and sales force, and our cash on hand now exceeds $5.6 million."
William C. "Jake" Jacobs, President and CFO of LSFP, said: "We are continuing to work on the contingencies to our important pending acquisitions of Savage Enterprises and Fresh Farms E-Liquid LLC, including audits, definitive merger agreements, and capital raises. And in collaboration with the senior executives of Savage and Fresh Farms, merger discussions are also underway with other selected potential merger candidates which have the potential to further diversify our business. This is an exciting time for LSFP!"
Christopher G. Wheeler, co-founder and CEO of award-winning e-liquid and hemp-derived cannabinoid-infused products maker Savage Enterprises (www.SavageEnterprises.com), Irvine, California, which has signed a letter of intent to merge into LSFP, the closing of which is subject to a number of contingencies, said, "Savage's business has been booming, with Q3 2021 revenue in excess of $20 million, and numerous new hemp-derived products having been introduced over the past few months. We look forward to helping to grow LSFP into the largest and most profitable business in our industry."
Matt Winters, co-founder and CFO of Savage Enterprises said, "Our audit is well underway, and we hope to have it completed soon. Savage and Lifted Made and Fresh Farms are putting up huge numbers, and we are all cash flowing way more positively than the far majority of the other publicly traded hemp and marijuana companies. Savage combined with LFTD Partners and Fresh Farms will be unstoppable."
Tony Devincentis, CEO of Fresh Farms E-Liquid, LLC (www.FreshFarmsELiquid.com), Fountain Valley, California, whose portfolio includes the premium vapor products Fresh Farms and Fruitia, JUS tobacco-free nicotine vapor products, and HAPPI premium delta-8-THC and delta-10-THC products (www.HappiHemp.com), which has signed a letter of intent to merge into LSFP, the closing of which is subject to a number of contingencies, said, "We are working closely with Jake Jacobs in preparation for our audit. And we are already collaborating with Savage and Lifted Made to achieve synergies on several fronts, while our business is expanding nicely both domestically and internationally. LFTD Partners' decentralized entrepreneur-led partnership approach is a great fit for us, Savage and other brand leaders!"
LFTD Partners notes that the closing of its potential acquisitions of Savage Enterprises and Fresh Farms E-Liquid, LLC referenced herein should not be considered probable due to numerous closing conditions that have yet to be satisfied (and may never be satisfied) as of the date of this press release.
About LFTD Partners Inc.
LFTD Partners Inc., formerly known as Acquired Sales Corp. (OTCQB ticker symbol LSFP), is focused upon acquiring rapidly growing companies that manufacture and sell branded products containing hemp-derived cannabinoids (e.g. delta-8-THC, delta-9-THC, delta-10-THC, THCV, THCO, CBDA, CBC, CBG, CBN, CBD), e-liquid, disposable nicotine vapes, kratom and kava products. In February 2020, LSFP acquired 100% of Warrender Enterprise Inc. d/b/a Lifted Made (formerly d/b/a Lifted Liquids) (www.LiftedMade.com), Kenosha, Wisconsin. Lifted Made has a 50% membership interest in SmplyLifted LLC, which sells tobacco-free nicotine pouches under the brand name FR3SH (www.GETFR3SH.com). LSFP also owns 4.99% of CBD-infused beverage and products maker Ablis Holding Company (www.AblisBev.com), and of craft distillers Bendistillery Inc. d/b/a Crater Lake Spirits (www.CraterLakeSpirits.com) and Bend Spirits, Inc. (www.Bendistillery.com), all located in Bend, Oregon.
LSFP has also signed a letter of intent to acquire Savage Enterprises, Irvine, California, the owner of award-winning hemp-derived products brand Delta Extrax (www.DeltaExtrax.com), sub-brand Chronix, Savage CBD (www.SavageCBD.com), male enhancement products brand Vix (www.ThisIsVix.com), kratom and kava-based products brand Kanna, and to enter the California marijuana industry by purchasing Savage Enterprises' affiliates Premier Greens LLC and MKRC Holdings, LLC, Palm Springs, California, the closing of which transactions are subject to a number of contingencies. LSFP has also signed a letter of intent to acquire Fresh Farms E-Liquid, LLC (www.FreshFarmsELiquid.com), Fountain Valley, California, whose portfolio includes the premium vapor products Fresh Farms and Fruitia, JUS tobacco-free nicotine vapor products, and HAPPI premium delta-8-THC and delta-10-THC products (www.HappiHemp.com), the closing of which transaction is subject to a number of contingencies. Please read LSFP's filings with the U.S. Securities and Exchange Commission which fully describe our business and the Risk Factors associated therewith. Learn more by subscribing to our newsletters at www.LiftedMade.com and www.LFTDPartners.com.
Cautionary Note Regarding Forward-Looking Statements Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes the acquisition, financing, revenue growth, profitability, and product strategies, plans and expectations of: LFTD Partners Inc. and related entities including Lifted Made; Savage Enterprises, Premier Greens LLC and MKRC Holdings, LLC and related entities; and Fresh Farms E-Liquid, LLC and related entities. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to the actual results of these companies' merger plans, financing plans, operations, or the performance or achievements of these companies differing materially from those expressed or implied by the forward-looking statements. These companies undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain other factors, including the risk factors set forth in LFTD Partners Inc.'s filings with the Securities and Exchange Commission. This press release does not constitute an offer to sell common stock or any other securities of LFTD Partners Inc.
SOURCE: LFTD Partners Inc.