(TheNewswire)
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Vancouver, British Columbia – Luff Enterprises Ltd., (CSE:LUFF) (“LUFF” or the “Company”) is pleased to provide an update on its marketplace rollout.
As previously announced, the Company commenced sales on its recently acquired cannabis marketplace herbaldispatch.com (“Herbal Dispatch”) on September 27, 2022 and generated net revenue of $25,000 for the initial four-day period ended September 30, 2022. Revenues are building steadily and the Company is targeting a multi-channel approach to customer acquisition. The Company is pleased to report strong interest from the Herbal Dispatch community and its targeted and differentiated product offering is seeing promising early take-up.
Herbal Dispatch is a cannabis e-commerce platform dedicated to providing top quality products to informed consumers at affordable pricing, and continuing its legacy as a trusted source for exclusive access to small-batch craft cannabis flower and a wide-array of other product formats.
“The Company’s online marketplace strategy allows us to offer a broader range of competitively priced products while capturing intermediary margins by selling directly to the final consumer,” said Philip Cambell, Luff’s President & CEO. “With the large oversupply of cannabis in Canada and the compression of wholesale prices, we believe this capital efficient technology focused strategy will allow us to scale up sales quickly and efficiently while capturing stronger gross margins.”
“Over the coming months, we plan on implementing several new and expanded direct-to-consumer marketing campaigns to bring further awareness to our new Herbal Dispatch brand and product offerings.”
To date, LUFF has engaged over 50 licensed producers that are now qualified as approved vendors with over 600 SKUs approved for sale on the marketplace making Herbal Dispatch already one of the largest purveyors of medical cannabis products in Canada.
The Company’s consolidated financial results for the three and nine months ended September 30, 2022 have been filed on SEDAR. The full version of the condensed interim consolidated financial statements and associated management's discussion & analysis can be viewed on the Company's website at www.luffbrands.com or under the Company's profile on SEDAR at www.sedar.com.
ABOUT LUFF ENTERPRISES LTD.
Luff owns and operates leading cannabis e-commerce platforms in both Canada and the United States and is dedicated to providing top quality cannabis to informed consumers at affordable pricing. Luff’s flagship cannabis marketplace, Herbal Dispatch, is a trusted source for exclusive access to small-batch craft cannabis flower and a wide-array of other product formats. Members registered with Herbal Dispatch trust that the dedicated client care team will ensure a great experience, from ordering to delivery to your door, and can rest assured that everything is at or below retail/provincial prices.
Luff’s common shares trade on the Canadian Securities Exchange under the symbol “LUFF”.
FOR FURTHER INFORMATION:
Philip Campbell, CEO and Director
Email: IR@luffbrands.com
Telephone: 250-419-7665
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
Certain statements in this news release, including statements or information containing terminology such as “anticipate”, “believe”, “intend”, “expect”, “estimate”, “may”, “could”, “will”, and similar expressions constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, that address activities, events, or developments that the Company or a third party expect or anticipate will or may occur in the future, including the Company’s future growth, results of operations, performance, and business prospects and opportunities are forward-looking statements. These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company. These statements require the Company to make assumptions it believes are reasonable and are subject to inherent risks and uncertainties. Actual results and developments may differ materially from the anticipated results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond the Company’s control. These risk factors are interdependent and the impact of any one risk or uncertainty on a particular forward-looking statement is not determinable. Examples of forward-looking statements in this news release and the key assumptions and risk factors involved in such statements include, but are not limited to, growing the Company’s business in Canada and the future success of Herbal Dispatch. The successful execution of the Company’s growth initiatives is subject to a number of risks and uncertainties, including industry competition and future customer demand for the Company’s products, among others.
Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on Luff. These forward-looking statements are made as of the date of this news release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.
THE CANADIAN SECURITIES EXCHANGE (THE "CSE") HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS NEWS RELEASE. NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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