DENVER--(BUSINESS WIRE)--Leafbuyer Technologies, Inc. (LBUY) (“Leafbuyer” or “the Company”), a leading cannabis technology company, announced today that annual revenue rose 59% in the fiscal year ending June 30, 2019. The increase reflects the revenue booked in the year versus the previous year.
“We have spent the last fiscal year optimizing our platforms to outpace our competitors and offer unrivaled technology solutions for the cannabis industry,” said Kurt Rossner, CEO of Leafbuyer. “Our sales team continues to execute Leafbuyer’s strategy and is continuing its momentum heading into fall.”
The Company significantly expanded its reach over the last year within several states, including California, Oklahoma, and others. This has allowed for a wider audience and more targeted sales initiatives. The June 2019 opening of the Los Angeles satellite office offers a more centralized and accessible hub for Leafbuyer clients on the West Coast. The fully staffed Los Angeles office allows sales representatives based in Denver to focus on selling into the Midwest and East Coast regions.
Along with a traditional online listing, Leafbuyer has expanded its marketing platform to include texting and loyalty products.
“Loyalty has been the fastest growing segment of our company, and we look forward to continued that growth in 2020,” said Rossner.
As detailed in a release on August 22, 2019, the Company now has a clear path to profitability and is forecasting to achieve this goal within the first half of 2020.
The 59% growth percent increase reflects more than double the industry average. According to an Arcview and BDS Analytics report released June 20, 2019, the current industry growth average is 24%.
Leafbuyer.com is one of the most comprehensive online sources for cannabis deals and information. Leafbuyer works alongside businesses to showcase their unique products and build a network of loyal patrons through a suite of advanced technology solutions, including texting and loyalty. Leafbuyer's national network of cannabis deals and information reaches millions of consumers every month. Leafbuyer is the official cannabis deals platform of Dope Media, Sensi Magazine, and Voice Media Group.
Learn more at Leafbuyer.com.
Cautionary Statement Regarding Forward-Looking Information
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This press release may contain forward-looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in the forward-looking statements due to several factors detailed from time to time in our filings with the Securities and Exchange Commission. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings.