WEED, Inc. Reports Comprehensive Net Loss of $509,917 for Fiscal Year 2024

WEED, Inc. reported a comprehensive net loss of $509,917 for the fiscal year ending December 31, 2024, a significant increase from a loss of $25,981 in the previous year. The company's operating loss decreased to $529,992 from $770,568, primarily due to reduced general and administrative expenses and professional fees. Notably, the previous year's results included a one-time gain of $988,375 from the sale of fixed assets, which was absent in 2024. The company has not generated any revenue since its inception and continues to rely on external funding to support its operations.

In terms of financial position, WEED, Inc. reported cash reserves of $159,355 as of December 31, 2024, down from $290,409 in 2023. The company’s total assets decreased to $738,366, while total liabilities increased to $959,372, reflecting a rise in notes payable and related party obligations. The company’s monthly cash burn rate is approximately $45,000, indicating a need for additional capital to sustain operations and fund ongoing projects, including its Cannabis Genomic Study.

Strategically, WEED, Inc. has made significant moves to expand its business operations. The company acquired a 43-acre property in Portland, New York, in November 2021, which includes water extraction rights and is intended for future ventures into the hemp and infused beverage markets. Additionally, WEED has established subsidiaries in Australia and Israel to enhance its research capabilities and product development in the cannabis sector. The company aims to conduct clinical trials and develop cannabis-derived compounds for medical applications, although it acknowledges the need for substantial funding to advance these initiatives.

Operationally, WEED, Inc. has focused on its Cannabis Genomic Study, which aims to create a global genomic classification of the Cannabis plant. The study is expected to enhance the development of new cannabis strains with improved therapeutic properties. However, the company has faced challenges in securing funding for this five-year project, which is estimated to cost approximately $15 million. As of now, the company employs only two full-time staff members, with additional support from consultants, reflecting its current scale and operational capacity.

Looking ahead, WEED, Inc. remains optimistic about its long-term prospects in the cannabis industry, particularly as more states legalize cannabis for medical and recreational use. However, the company cautions that its future performance is contingent on securing adequate funding and successfully navigating the regulatory landscape. The management has indicated that it will continue to seek opportunities for growth, including potential acquisitions and partnerships, to establish itself as a leader in the cannabis research and product development market.