JACKSONVILLE, Fla., April 01, 2021 (GLOBE NEWSWIRE) — Acquired Sales Corp. (OTCQX: AQSP) (www.AcquiredSalesCorp.com), which plans to change its name to LFTD Inc., today announced that it achieved outstanding quarter over quarter growth in revenue, net income, and basic earnings per share during the fourth quarter of 2020, driven by the growth of its wholly-owned subsidiary Lifted Made (www.LiftedMade.com), maker of the award-winning Urb Finest Flowers brand of hemp-derived delta-8-THC and CBD products.
Revenue grew quarter over quarter from $1,509,437 to $2,196,518 during Q4 2020, an increase of 46%; net income grew quarter over quarter from $95,823 to $549,531 during Q4 2020, an increase of 473%; and basic earnings per share grew quarter over quarter from $0.01 to $0.06 during Q4 2020, an increase of 483%.
Nicholas S. Warrender, Vice Chairman and COO of AQSP, and founder and CEO of Lifted Made, said: “Our sales surged during the fourth quarter of 2020, and so far this year, our rapid sales growth has continued. Our new 11,238 square foot headquarters and operations building in Kenosha, Wisconsin, is having an extremely positive effect on Lifted Made’s production capacity, our customers, and employee morale. We’re on a complete roll: between launching Saucy Dmnds, which are a 1:1 ratio of CBD diamonds suspended in pure delta 8 THC with olio resin, cold-temperature preserved terpenes and flavonoids, winning “Best In Show” at CBD Events in La Jolla, California, and scaling up our business and rolling out more innovative products formulated with delta-8-THC and other rarer cannabinoids, we are very upbeat about the direction of Lifted. We now have approximately 46 full- and part-time workers, most of whom work in production, up from less than less 20 two years ago; and we continue to hire more staff for production and fulfillment to keep up with increasing demand as we continue to pick up new distributors of our products throughout the country. We are laser focused on profitability, maximizing output and improving efficiency.”
William C. “Jake” Jacobs, President and CFO of both AQSP and Lifted Made, said: “We are very grateful for the hard work, wonderful attitude, and achievements of Lifted Made’s talented and diverse team throughout the pandemic. This is a very exciting time for AQSP and Lifted Made: beyond the organic growth of Lifted Made and its 50-50 joint venture with SMPLSTC called SmplyLifted LLC (which sells tobacco-free nicotine pouches under the brand name FR3SH), we also expect Lifted Made to enter into a second 50-50 joint venture with a different privately held company to launch a new hemp-derived cannabinoid product in the near future. In addition, AQSP continues to discuss potential mergers with attractive privately held companies in the hemp-derived products industry. We are determined to become the industry leader.”
Gerard M. Jacobs, CEO of AQSP, said: “AQSP’s rapid growth and profitability during the third and fourth quarters of 2020 stands in stark contrast to many of the publicly traded cannabis companies, who have been growing less rapidly, who are reporting multi-million dollar quarterly losses, who have over 100 million shares outstanding, and who have market capitalizations that are hundreds of millions or billions of dollars more than AQSP.”
Gerard M. Jacobs, CEO of AQSP, continued: “Our approach to growing our company is very different than most public companies that acquire businesses, centralize decision-making, and in the process destroy or seriously disrupt the entrepreneurial mojo of those businesses. Instead, we have a very decentralized approach which allows talented young entrepreneurs to continue building and growing their companies as the skippers of their own boats, and to join Nick, Jake and me as partners in our public company. This decentralized approach is critical in a fast-paced, evolving industry like hemp-derived products, where these entrepreneurs must maintain a close pulse on the direction of their business, must be nimble and make critical decisions quickly, and must be excited to continue to lead and rapidly grow their businesses.”
About Acquired Sales Corp.
Acquired Sales Corp. (AQSP) is focused upon investing in rapidly growing companies that make hemp-derived, cannabinoid-infused products such beverages, lotions, oils, dabs, saucy dmnds, flower, cartridges, disposable vapes, hemp cigarettes, tinctures, bath bombs,…