Tue, May 14, 7:27 PM (73 days ago)
Cannabis Sativa, Inc. (CBDS) reported a 25% decrease in revenue to $1,173,830 for the fiscal year ended December 31, 2023, compared to $1,558,752 in 2022, primarily due to increased competition in the cannabis telemedicine industry. Operating expenses were reduced by 31% to $1,628,936, leading to a net loss of $1,322,917, a slight improvement from the $1,262,837 loss in 2022. The company ended the year with $83,762 in cash, down from $97,445. The strategic focus for 2024 includes growth in the telemedicine business, brand development, and potential asset acquisition from MJ Harvest, Inc. Risk factors include significant competition and regulatory uncertainties. The company’s financial condition reflects ongoing challenges, with an accumulated deficit of $82,083,492 and a need for additional capital to support growth initiatives.