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AURORA, Colo., July 01, 2025 (GLOBE NEWSWIRE) -- Bespoke Extracts, Inc. (OTCQB: BSPK), a Colorado based company focused on operating in the regulated cannabis markets in the United States, today announced its financial results for the first quarter ended March 31, 2025, and highlighted the successful rebranding of its product offerings under The Joint Company.
Financial Highlights for Q1 2025:
Revenue Growth: Sales increased to $263,159, up 1.0% from $260,428 in Q1 2024, fueled by strong direct sales of branded pre-rolled joints and expanded joint production services for licensed dispensaries in Colorado.
Improved Gross Profit: Gross profit rose to $110,779 from $102,581 in Q1 2024, driven by enhanced production efficiencies in pre-rolled joints, though partially offset by higher packaging and testing costs for new product launches.
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Reduced Operating Expenses: Operating expenses fell to $356,117 from $405,384 in Q1 2024, reflecting lower stock-based compensation, reduced salaries, and decreased professional fees.
Reduced Net Loss: Net loss decreased to $260,521, from $314,118 in Q1 2024.
Strategic Rebranding and Product Expansion under The Joint Company (TJC)
In Q1 2025, Bespoke Extracts successfully rebranded as The Joint Company (TJC), a pivotal step in its growth strategy. TJC scaled its white-label processing business and launched two new branded products, Doobskis and Dutch Blunts, which have gained significant traction in Colorado’s regulated cannabis market. The Fresh Joint product line continues to increase product revenue, primarily through growth in multi-packs.
Operational Highlights:
Through its subsidiary, Bespoke Extracts Colorado, LLC, the Company operates a marijuana-infused products manufacturing facility in Aurora, selling its products and services to licensed dispensaries in Colorado.
Achieved cost efficiencies in raw materials, packaging, and labor, boosting gross margins despite increased marketing and sampling costs for new product launches.
Daily pre-roll production increased by 32% compared to Q1 2024, enhancing TJC’s ability to offer competitive processing services and lower priced products in Colorado.
The Company is exploring expansion of TJC into other state-regulated cannabis markets, leveraging its successful Colorado operations experience to pursue new growth opportunities.
Management is focused on expanding market share and optimizing operations for sustainable, long-term growth.
Management Commentary:
Michael Feinsod, CEO of Bespoke Extracts, stated: "Q1 2025 marked a transformative period for Bespoke Extracts as we rebranded to The Joint Company and introduced Doobskis and Dutch Blunts. These initiatives, combined with enhanced third-party processing capabilities, have significantly strengthened our market position and revenue potential. Despite an 8.8% contraction in Colorado’s regulated cannabis market during the quarter ending March 31, 2025 compared to Q1 2024, we achieved year-over-year growth. Our improved manufacturing processes are delivering strong results, and we expect continued gross margin improvements as we scale. We remain committed to disciplined financial management and strategic expansion in the regulated cannabis market.”
Fiscal Q2 2025 Outlook:
Revenue Growth: Based on preliminary Q2 2025 sales data, we have seen significant sales traction in our new product lines during the second quarter. The Company projects revenue exceeding $385,000 for the quarter ending June 30, 2025, compared to $278,163 in the quarter ended June 30, 2024, driven by continued growth of FreshJoints , strong demand for Doobskis and Dutch Blunts and expanded third-party processing services.
Operational Efficiencies: Continued improvements in manufacturing processes are expected to support higher production volumes and consistent product quality.
Gross Margin Improvement: Enhanced production efficiencies and cost management in raw materials, packaging, and labor are projected to drive higher gross margins, despite increased marketing investments for new product launches.
Balance Sheet
Condensed Consolidated Balance Sheets
(unaudited) March 31,
2025 December 31,
2024Assets Current assets Cash$ 30,365 $ 60,305 Accounts receivable, net 36,757 57,276 Prepaid Expense 17,094 15,150 Inventory, net 38,904 32,526 Total current assets 123,120 165,257 Furniture and equipment 29,557 31,342 License 10,000 10,000 Right of Use Asset 73,448 140,489 Deposits 12,000 12,000 Total assets$ 248,125 $ 359,088 Liabilities and Stockholders’ (Deficit) Current liabilities Accounts payable and accrued liabilities$ 1,123,600 $ 958,276 Note payable 13,000 20,000 Advances - related party 66,872 66,872 Operating lease liability 38,063 73,523 Total current liabilities 1,241,535 1,118,671 Long-Term Liabilities Notes Payable - secured (net of discount ) 286,945 241,351 Notes Payable 169,000 169,000 Note Payable - related party 849,500 849,500 Long-Term Operating Lease Liability 35,345 72,504 Total liabilities 2,582,325 2,451,026 Shareholders’ Deficit Series C Convertible Preferred Stock, 1 share issued and outstanding as of March 31,2025 and December 31, 2024 - - Common stock, $0.001 par value: 3,000,000,000 authorized: 11,153,220 issued and outstanding as of March 31, 2025 and December 31, 2024 11,151 11,151 Additional paid-in capital 24,319,286 24,301,027 Accumulated deficit (26,664,637) (26,404,116)Total stockholders’ deficit (2,334,200) (2,091,938)Total liabilities and shareholders’ deficit 248,125 359,088
Condensed Consolidated Statement of Operations
(Unaudited) For the Three Months
Ended March 31, March 31,
2025 March 31,
024Sales$ 263,159 $ 260,428 Cost of products sold 152,380 157,847 Gross Profit 110,779 102,581 Operating expenses: Selling, general and administrative expenses 313,153 347,859 Professional fees 42,964 57,525 Total operating expenses 356,117 405,384 Loss from Operations (245,338) (302,803) Other income/(expenses) Interest expense (15,183) (11,315)Total other (expense)/income (15,183) (11,315) Loss before income tax (260,521) (314,118)Provision for income tax Net Loss$ (260,521) $ (314,118) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic and Diluted 11,153,220 10,168,220 NET LOSS PER COMMON SHARE OUTSTANDING Basic and Diluted$ (0.02) $ (0.03) Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks, including, without limitation, those set forth in the Company's latest Form 10-K, filed with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and the Company undertakes no obligation to update such statements.
About Bespoke Extracts, Inc.:
Bespoke Extracts, Inc. is a Nevada corporation operating in the regulated cannabis markets in the United States. Through its wholly-owned subsidiary, Bespoke Extracts Colorado, LLC, the Company operates a marijuana-infused products manufacturing facility in Aurora, Colorado, focusing on delivering high-quality products to licensed dispensaries under its rebranded portfolio, The Joint Company.
Contact:
Bespoke Extracts, Inc.
Email: [email protected]
Website: www.bespokeextracts.com
Note: The financial data in this press release is derived from the Company’s unaudited consolidated financial statements included in its Form 10-Q for the quarter ended March 31, 2025, filed with the SEC. Forward-looking revenue projections and expansion plans are based on management’s current expectations and are subject to change.
