Phivida Jumps on Higher Sales Figures

San Diego-based Phivida Holdings Inc. (OTC:PHVAF) enthused Wednesday over growing sales figures from its Bloomgroove.com e-commerce platform. The company pointed to numbers reaching upwards of $225,000 Canadian in sales during the holiday season, which more than doubled sales from Bloomgroove over the previous month's Black Friday sales. The site also saw traffic increase by 78% in December compared to the previous month.

Phivida's progress with Bloomgroove comes amid management's increased focus on growing the Company's digital marketplace offerings in order to meet changing demands in the cannabis market. Additionally, Phivida has taken steps to pivot its distribution strategy with respect to its CBD beverages and consumer packaged goods business, including by streamlining its management team.

Interim CEO David Moon said "We are seeing great results from building and operating online marketplaces like Bloomgroove, which offer us, and third-party vendors, easy and direct access to cannabis consumers,

"Our strategic approach is to respond swiftly to shifting consumer and CBD market demands in the US and Canada, using data gathered through our various platforms, to be ahead of the curve and build a leading position in the market, especially in online retail."

Stock prices shot higher, too, up 28.3%, to 11.15 cents, on 63,000 shares.