December 16, 2021 – TheNewswire – Vancouver, BC – Luff Enterprises Ltd., (CSE: LUFF) (CNSX: LUFF.CN) (“LUFF“or the”Society“) (all figures are in CAD unless otherwise stated) is happy to announce that it has completed the previously announced sale of its Nevada assets for total gross proceeds of US $ 5 million. The estimated cost of the sale will be US $ 20,000. Concurrent with the closing of the sale, the Company has fully repaid its $ 2 million secured loan and now has no outstanding third party debt.

This transaction continues the process of disposing of non-core assets in the United States and freeing up capital to focus on high impact sales opportunities. The company is focused on growing sales of its core line of hemp-derived CBD wellness products, primarily through online channels. She recently implemented a subscription model that has shown early signs of promise to generate significant recurring revenue for the Company.

LUFF is committed to focusing on its online sales strategy and seeks to deploy this capital to continue to develop high impact sales channels as well as to identify synergistic partnership opportunities to complement this strategy. As recently disclosed in the third quarter financial statements, the company recorded strong third quarter sales of $ 567,000 and $ 847,000 for the year to date and gross margins of 56%. While fourth quarter sales are expected to be lower, switching to a subscriber model will help with recurring revenue and a more sustainable model to build and the proceeds from that sale will allow for increased targeted advertising that will drive future sales.

LUFF CEO Philip Campbell said, “We are pleased to have completed the sale of our Nevada assets at a very attractive price relative to our cost base. This allows us to use the net proceeds to continue to develop our online sales channels across North America. We now have very little unpaid debt, reduced overhead costs and over $ 4 million in working capital to continue to grow and grow the business. In 2022, we are well positioned to continue to develop our sales channels and leverage our strategic advantages. “

About Luff Enterprises Ltd.

LUFF Brands is a CBD lifestyle company focused on providing innovative, premium quality products across the United States. Committed to herbal science, LUFF manufactures a range of carefully designed products.

The company focuses on unique formulations exploiting cannabinoids such as CBG and CBN; and reinforces them with superfood ingredients to enable people to realize the full potential of everyday life. LUFF’s scientifically formulated products are non-GMO, THC-free, third-party tested, and made only with hemp grown in the United States.

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For more information:

Philip Campbell, CEO and Director

Email: [email protected]

Telephone: 250-419-7665