CuraScientific Announces a Successful Kava Bar Event and $500K Revenue for Q2

Rhea-AI Summary

CuraScientific Corp. (OTC PINK: CSTF) announces expected Q2 revenues of approximately $500,000+, with $200,000 in Cannabis Distribution and $300,000 in Cannabis Retail. The successful Kava Bar event indicates a growing trend in the Kava market, which is projected to reach $3.41 billion by 2029. CEO William Reed highlights the potential for kava bars to generate profits of 15-20% and the company's expansion plans for a new location in Las Vegas.

Positive

• Expected Q2 revenues of approximately $500,000+ show positive growth in both Cannabis Distribution and Retail segments. The successful Kava Bar event reflects a growing trend in the Kava market, which is projected to reach $3.41 billion by 2029. CEO William Reed's insights into the profit margins of kava bars and the company's expansion plans for a new location in Las Vegas demonstrate strategic growth opportunities.

Negative

• None.

PALM SPRINGS, CA, July 19, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – CuraScientific Corp. (OTC PINK: CSTF) (“CuraScientific” or the “Company”), announces that the expected reported revenues for Q2 will be approximately $500,000+, and the Kava Bar event held on Saturday was a success.

The company auditor, BFBorgers CPA PC, and management will file the Q2 in August-2023. The revenues are approximately $200,000 in Cannabis Distribution and $300,000 in Cannabis Retail. The new Kava Bar revenue will be reported in Q3.

On Saturday July-15th, the company had a special event at their Palm Desert-California Kava Bar. The location is high-traffic and since its opening it has gained traction with local customers. See the link below for a video of the event.

Press LINK to watch KAVA BAR Event; https://www.youtube.com/shorts/LocU5HyN2KA

William Reed, CEO and Chairman, stated, “I like to refer to our business as a “sober bar”. In recent years, Kava bars in the US have been sprouting in different cities across the country with Florida leading the pack. Based on recent trends, Kava is becoming a great social drink. People who drink it loosen up, relax and plunge into a happy and relaxed mood. And the best part is it gives one a good night’s sleep without the inconvenience of nursing a nasty hangover the following morning. Its popularity is currently on the rise. And it looks to be gaining momentum as a better, healthier alternative to alcoholic drinks and some say it offers the potential for weight loss. The majority of these bars have only opened their doors within the last 5 years. The scene is growing rapidly, and the industry will see the trend continue over the next decade as more people realize the advantages of kava in daily life and as an alternative to intoxicants.”

The global kava root extract market size was valued at USD 1.02 billion in 2021. The market is projected to grow from USD 1.18 billion in 2022 to USD 3.41 billion by 2029, exhibiting a CAGR of 16.29% during the forecast period.

William Reed further stated, “On average kava bars across the United States run at around a 15-20% profit margin in total. This is because the average cost to manufacture a kava drink at a bar is around $3.50 and most bars sell the drink for $5.00. Once you factor in labor, overhead, tax, and other expenses your total profit margin comes to around 15%. This is not much for a bar but since kava has no legal limitations right now in the U.S some bars are making absolute insane amounts of money in high-traffic areas such as our Palm Desert-California location. Our Las Vegas-Nevada location will be open later this year and is also in a high-traffic zone.”

About CuraScientific Corporation: CuraScientific is an alternative lifestyle company that owns and operates various businesses licensed to manufacture, distribute and deliver brand name and proprietary natural-based cannabis and kava products for consumers seeking healthier choices to relieve stress and anxiety.

Safe Harbor for Forward-Looking Statements: This news release contains forward-looking statements which are not statements of historical fact. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes,” “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include but are not limited to changes in general economic and financial market conditions. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Please note that from time to time the Company may post new information at its website CuraScientificcorp.com, or via its current social media accounts available on this website.

Company Contact
CuraScientific Corp
51544 Cesar Chavez St.
Suite 1J
Coachella, CA 92236
Phone: (909) 435-1642
www.CuraScientificcorp.com
info@curascientificcorp.com

Investor Relations & Financial Media
SRAX Inc. / 456 Seaton Street, Los Angeles CA 90013
https://mysequire.com/

FAQ

What are CuraScientific's expected Q2 revenues?

CuraScientific expects Q2 revenues of approximately $500,000+, with $200,000 in Cannabis Distribution and $300,000 in Cannabis Retail.

What is the projected market size for the global kava root extract market?

The global kava root extract market size is projected to grow from USD 1.18 billion in 2022 to USD 3.41 billion by 2029, exhibiting a CAGR of 16.29% during the forecast period.

What are the profit margins of kava bars in the United States?

On average, kava bars across the United States run at around a 15-20% profit margin in total, due to the average cost to manufacture a kava drink at a bar being around $3.50 and most bars selling the drink for $5.00.

What are CuraScientific's expansion plans for new locations?

CuraScientific plans to open a new location in Las Vegas-Nevada later this year, targeting high-traffic areas for potential growth.