Benzinga | May 18, 2021 10:57AM EDT

Acquired Sales Corp. Q1 Revenue Increases 53% QoQ, 'Explores Merger Opportunities'

Acquired Sales Corp. (OTCQX:AQSP) revealed Tuesday its revenue increased 53% sequentially to $3.35 million in the first quarter of 2021.

Net income also grew over the same period to $618,359, from $549,531.

Basic earnings per share increased 36% quarter-over-quarter to $0.08, which can be attributed to the growth of Lifted Made, its wholly-owned subsidiary and the producer of award-winning Urb Finest Flowers brand of hemp-derived delta-8-THC and CBD products.

"This is our third straight quarter of growth in revenue, net income, and basic earnings per share," William C.Jacobs, president and CFO of both AQSP and Lifted Made, said.

Nicholas S. Warrender, vice chairman and COO of AQSP and founder and CEO of Lifted Made, disclosed that Lifted Made's rapid sales growth is evident in both last and this quarter.

In addition, consolidated cash on hand grew organically to over $1.5 million, Warrender continued.

This substantial increase in cash will allow Lifted Made to boost its inventory of raw materials and keep up with the demand for products.

Jacobs revealed that the company is "exploring several merger opportunities" to expand its revenue sources further.

Acquired Sales Corp focuses on investing in companies that produce hemp-derived, cannabinoid-infused products, including beverages, lotions, and oils.

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