Welcome to our dedicated page for Lftd Partners news (Ticker: LIFD), a resource for investors and traders seeking the latest updates and insights on Lftd Partners stock.
LFTD Partners Inc. reports developments for an OTCQB operating company whose principal subsidiary, Lifted Made, manufactures and sells hemp-derived, wellness, energy and other psychoactive products. Recurring updates include financial results, operating income, inventory, working capital, debt balances and product activity across the Urb, Mielos and Rebel brands.
Company news also covers Lifted Made’s exclusive manufacturing and sales relationships for Diamond Supply Co. and Cali Sweets hemp-derived products, collaborations involving Urb-branded cannabis products, brand identity and loyalty-program launches, minority interests in Ablis and Bend-based spirits businesses, and governance changes at the public-company parent.
LFTD Partners Inc. (OTCQB: LIFD) announced that its subsidiary, Lifted Made, has secured a deal with a disposable vape device manufacturer to recover over $1 million lost due to issues with clogged devices recognized in Q3 2022. The manufacturer will forgive $630,000 owed and provide credits totaling $370,047 for future purchases. CEO Nick Warrender expressed optimism for their partnership and highlighted the positive reception of new 3 mL disposable vape devices.
LFTD Partners Inc. (OTCQB: LIFD) has announced an expansion of its subsidiary Lifted Made in Kenosha, Wisconsin.
The company is leasing an additional 4,657 square feet, increasing its total space to 37,627 square feet. The new lease, effective February 1, 2023, features a 14% increase in operational capacity.
This expansion enables Lifted Made to manufacture gummies for external clients and explore diversification into other wellness products, all aimed at reducing costs and enhancing supply chain control.
LFTD Partners Inc. (OTCQB:LIFD) reported strong financial results for Q3 2022, achieving its ninth consecutive quarter of positive earnings per share. Revenue rose 27% year-over-year to $11.2 million, with a net income of $423,486 and earnings per share of $0.03. The company anticipates breaking $60 million in annual sales for 2022 and is exploring a significant acquisition to diversify its revenue streams, which could lead to a stock exchange listing. Cash on hand stands at $4.4 million, with no secured debt.
LFTD Partners Inc. (OTCQB:LIFD), a prominent player in the cannabis and psychedelics sector, will announce its financial results for Q3 2022 on November 11, 2022, post-market. An earnings call is scheduled for November 14, 2022, at 8:30 AM ET. The company is focused on acquiring profitable brands in the hemp-derived cannabinoid and psychedelics markets, with Lifted Made as its primary subsidiary. Stakeholders can access the earnings call via phone or webcast, with details provided in the PR.
LFTD Partners Inc. (OTCQB:LIFD) announced its wholly-owned subsidiary, Lifted Made, will be the exclusive sponsor for hemp-derived products at the North Coast Music Festival from September 2-4, 2022. Lifted Made, known for its Urb Finest Flowers brand, will sell products during the festival, enhancing the experience for attendees. CEO Nicholas S. Warrender expressed excitement over the partnership, citing the festival's reputation in the EDM scene, while North Coast representatives welcomed the collaboration.
LFTD Partners Inc. (OTCQB:LIFD) reported remarkable financial results for Q2 2022, showcasing a 151% increase in revenue to $16,776,502 compared to $6,695,144 in Q2 2021. The company achieved a 102% rise in net income, totaling $3,219,460, marking its eighth consecutive quarter of positive GAAP net income. Basic EPS rose by 64% to $0.23, while diluted EPS surged by 82% to $0.20. Additionally, cash on hand increased 134% to $3,751,144, reflecting strong operational performance.
LFTD Partners Inc. (OTCQB: LIFD) has announced the prepayment of $916,668 in remaining secured debt, fully utilizing cash flow from its subsidiary, Lifted Made. This milestone event follows previous payments totaling $2,833,332 over the past eight months, eliminating all secured debt. President and CFO, William C. Jacobs, emphasized this achievement's significance for the company in the cannabis sector. With debts cleared, LFTD Partners plans to explore a potential acquisition and consider stock buybacks as approved by the board.
LFTD Partners Inc. (OTCQB: LIFD) has prepaid $916,666 of its secured debt, reducing its outstanding note payable to $916,668. This prepayment utilized free cash flow from the operations of its subsidiary, Lifted Made, following a previous identical payment in June 2022. The company's leadership acknowledges the need for a solid working capital foundation amid challenging market conditions within the cannabis industry. LFTD Partners continues discussions with potential lenders and targets for acquisition.
LFTD Partners Inc. (OTCQB: LIFD) has reported its sixth operational expansion in two years, signing a five-month sublease for 2,600 square feet in Chicago to improve sales efficiency. This move increases their total space to 32,970 square feet, reflecting a 9% increase. The Chicago office aims to reduce commuting time for sales staff and target a broader talent pool. The sublease costs $1.15 per square foot monthly, with additional responsibilities for taxes and maintenance.
LFTD Partners Inc. (OTCQB:LIFD) has announced a prepayment of $916,666 on its $2,750,000 note payable, leaving a balance of $1,833,334. This payment was made using free cash flow generated by its subsidiary, Lifted Made. The company's President, Jake Jacobs, highlighted the team's performance in increasing cash flow while growing inventory. The CEO, Gerard Jacobs, noted the challenges in the cannabis sector but remains optimistic about the company's growth strategy based on profitable consumer products.