- Simply Better Brands (SBBC), formerly PureK Holdings, has released its financial and business results for the first quarter of 2021
- The company reported lower revenues year-over-year, which was mainly due to lower direct to consumer sales and the limitations brought on by the COVID-19 pandemic
- The company acquired three new brands this quarter: No B.S. Skincare, Nirvana Group, and TRU Brands
- PureKana, the company’s subsidiary, was named a top ten CBD brand by Brightfield Group
- Simply Better Brands Corp. (SBBC) is down 1.59 per cent and is trading at $6.20 per share
Simply Better Brands (SBBC), formerly PureK Holdings, has released its financial and business results for the first quarter of 2021.
The company reported lower revenue for the first quarter, down 34 per cent compared to Q1 2020. The loss was due to lower direct to consumer revenue, which decreased by 1.3 million year-over-year while business to business revenues remained steady.
The decrease in revenue was mainly due to the increase in competition of online CBD sales in addition to impacted offline sales as a result of the COVID-19 pandemic.
As the company pursued its growth strategy through mergers and acquisitions, it incurred listing and regulatory filing fees of $0.1 million in addition to legal expenses related to the acquisitions.
The company acquired three new brands in the first quarter:
- No B.S. Skincare, the industry-leading clean formula skincare and beauty company;
- Nirvana Group, a Florida-based company that develops, manufactures, and distributes all-natural pet wellness products and includes the BudaPets brand; and
- A proposed acquisition of TRU Brands, a beauty and wellness company whose products are available at Costco Canada and online retailers including Target, Walgreens, and Whole Foods.
In May, Simply Better Brands subsidiary PureKana was named a top ten CBD brand by Brightfield Group, whose reports and rankings are the highest standard in the CBD sector.
Simply Better Brands CEO Kathy Casey remarked, “To be recognized in such a meaningful way by our industry’s CBD community is yet another mark of distinction demonstrating our company’s commitment to excellence, and how we are elevating from our competition.”
PureKana launched a new active ingredient product line in May 2020 and has continued to expand its offerings in the areas of sleep, energy, pain, calm, wellness, and immunity.
Simply Better Brands expects to seek out opportunities in the wellness, beauty, plant-based food, and other market sectors throughout the remainder of 2021 through further acquisitions and mergers.
The company promotes healthy and active lifestyles through its subsidiaries.
Simply Better Brands Corp. (SBBC) is down 1.59 per cent and is trading at $6.20 per share as of 3:21 pm ET.
