Smoke Cartel, Inc. (OTC Pink - SMKC), an on-line, cannabis accessory marketplace, today announced that it has filed financial statements for the second quarter ended June 30, 2020.
Starting in March 2020 and continuing through the majority of Q2-20, the entire country was ordered to stay-at-home as a means of slowing the spread of the Covid-19 pandemic. As most forms of relaxation and entertainment outside of the home were closed, the Company experienced a massive upsurge in demand for our products. Its marketplace model was able to offer a much wider choice of products to its customers than it had available in the same period last year. Along with the increase in demand for its product offerings, competition from local brick-and-mortar stores disappeared as these retail shops were forced to close. The Company worked closely with its growing network of distributors and suppliers to ensure that they could continue to meet this huge upsurge in demand.
Smoke Cartel delivered the following financial results for the second quarter ended June 30, 2020:
Revenue: Revenue was $2,271.7K, a 478.6% increase over second quarter 2019 revenue of $469.7K. Year-to-date revenue was $3,426.4K, a 258.6% increase over year-date revenue of $955.4K in 2019.
Net income: Net income was $576.2K, an increase of $1,222.0K from second quarter 2019 net loss of (645.8K). Year-to-date net income was $636.5K, an increase of $1,649.6 from year-to-date net loss of ($1,013.1K) in 2019.
Supplemental cash information: Year-to-date cash from operations through the second quarter of 2020 was $509.1K, or 14.9% of revenue. Cash and cash equivalents was $909K as of June 30, 2020.
About Smoke Cartel
Smoke Cartel, Inc. (Ticker: SMKC) is one of the leading online retailers of glass water pipes, vaporizers, bubblers, spoons, oil and dab rigs, smoking accessories, and cannabis accoutrements. The Company provides a marketplace with a wide variety of high quality products, subscription boxes, reliable customer service, and rapid dependable shipping. Smoke Cartel offers 24-hour support to ensure the customer experience is timely and professional. Smoke Cartel operates a transparent business model which is important in an industry with varying state regulations and significant scrutiny. The Company's website at www.smokecartel.com offers fast load times and optimizations, making the customer experience quick and seamless.
