Cannabis Tech & Marketing Platform Leafbuyer Q3 Revenue Grows 33% YoY

Cannabis technology and marketing platform Leafbuyer Technologies, Inc. (OTCQB:LBUY) reported Tuesday financial results for the third quarter ended Sep. 30 with revenue of $1.13 million, up by 32.5% from $851,693 in the same period year ago.

"We saw nice growth in the quarter, but we think the biggest highlight was the increased demand for our higher margin products,” Kurt Rossner, chief executive officer of Leafbuyer, stated. “As the overall cannabis market continues to struggle, we are seeing the best demand in our history. We continue to execute on our plan to expand into new markets throughout the country and have been encouraged by the continued success that we have had in these markets."

Q3 Financial Summary

• Gross Profit increased to $476,145 from $221,157 in the same period;

• Net loss amounted to $209,972 compared to net loss of $2.96 million in the third quarter of 2021;

• Operating Expenses decreased from $809,639 to $635,136;

About Leafbuyer

Leafbuyer Technologies is a comprehensive marketing technology provider in the cannabis industry. Hundreds of cannabis businesses use the Leafbuyer texting and loyalty platform and the Custom 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 millions of consumers every month.

Price Action

Leafbuyer shares were trading 0.16% lower at $0.04 at the time of writing Tuesday morning.

Photo: Courtesy of Diyahna Lewis on Unsplash