Cannabis Sativa Reports Doubling Revenues in 2019, Projects Continued Revenue Growth in 2020

MESQUITE, May 26, 2020 (GLOBE NEWSWIRE) -- Cannabis Sativa Reports Doubling Revenues in 2019, Projects Continued Revenue Growth in 2020

MESQUITE, NV / May 26, 2020, / Cannabis Sativa, Inc. (CBDS) is proud to announce reporting Revenue for the fiscal year ended December 31, 2019 of $1,159,737, more than doubling 2018 revenues of $505,705. Cost of revenues for the fiscal years ended December 31, 2019 and 2018 were $462,940 and $209,871, respectively. The increases for 2019 are a result of the improved business operations of PrestoCorp, our 51% owned subsidiary doing business as PrestoDoctor (https://prestodoctor.com/). 

Telemedicine has become a growth area which drove revenues higher in 2019. PrestoDoctor continues to exceed expectations in 2020 as the dynamics of the COVID-19 pandemic have caused increased interest in telehealth, and emergency regulations are opening new markets. "We are experiencing a remarkable surge of interest in PrestoDoctor as people stay at home, work from home, and practice social distancing. Difficulties in getting to a doctor’s office and concerns about being away from home are encouraging new customers to explore the telehealth option. State and local governments have established emergency rules to permit telehealth across state lines, further expanding the reach of PrestoDoctor's business model. All of these developments are expected to have a positive impact on revenues in the coming periods,” said CEO David Tobias.

In addition, GK Manufacturing and Packaging, Inc. (“GKMP”), our 51% owned subsidiary providing contract manufacturing of CBD infused products to national and regional customers, is expected to provide substantial revenues by Q4 2020. GKMP is currently producing and packaging hand sanitizer to meet the needs of customers during the pandemic. Cannabis Sativa has invested $225,000 into GKMP to fund the start-up operations and expects to invest up to $275,000 as additional working capital while GKMP completes its buildout and ramps up production. GKMP has several products ready for market, including a “Stitch Duran” branded cut cream for boxers and MMA fighters, and we expect rapid revenue growth as our manufacturing capabilities come on line in the coming months.