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Hollister Biosciences Inc. (OTC: HSTRF) announces the commencement of pre-roll production in Arizona, aiming to meet rising consumer demand following the state's adult-use legalization. Initially targeting white-label customers, production capacity is set to increase from 10,000 to 30,000 units per day by Q4. Arizona's cannabis market is robust, with over $1 billion in 2020 sales and projected revenues of $400 million in its first year of adult-use sales. The company owns Venom Extracts, which accounted for approximately 95% of its total sales. Venom is well-positioned for growth in the Arizona market.
Hollister Biosciences Inc. (OTC: HSTRF) reported a significant turnaround in its first quarter 2021 results, with total revenue rising to $23.1 million, a notable increase from $0.95 million in Q1 2020, and a 97% sequential growth from $11.7 million in Q4 2020. The company saw a net income of $2.0 million, compared to a loss of $2.2 million in the previous year. Adjusted EBITDA improved to $2.80 million, up from a loss of $1.1 million in Q1 2020.
Hollister Biosciences reported significant growth in its financial results for 2020, achieving total revenue of $30.6 million, up from $1.0 million in 2019. The fourth quarter revenue was $11.7 million, representing a 23% increase from the previous quarter. Despite this growth, the company faced a net loss of $3.7 million for the year compared to $1.9 million in 2019. Significant milestones included the acquisition of Venom Extracts, which contributed around 95% to sales, and partnerships aimed at expanding its market presence, particularly in Arizona.
Hollister Biosciences has partnered with Slipknot co-founder Shawn "Clown" Crahan to launch a co-branded line of HashBone pre-rolls. Set to debut on May 17 in select California dispensaries and online, the product features six half-gram pre-rolls infused with a potent blend of indica flower and bubble hash. The collaboration aims to merge cannabis with heavy metal culture, leveraging Clown's artistic vision. Hollister's CEO expressed excitement over the partnership to enhance marketing efforts and promote cannabis as a form of medicine.
Hollister Biosciences Inc. (OTC: HSTRF) has launched a collaboration with Easyriders to produce premium cannabis pre-rolls, marking an intersection of motorcycle culture and cannabis lifestyle. Available in collectible tins, each pack features 10 pre-rolls from artisan strains: Sherbert in silver tins and Ice Cream Cake in black tins. These products emphasize discreet usage and the spirit of independence. The partnership aims to expand with a topical tattoo balm later this summer and taps into the rich heritage of Hollister's location, enhancing its market presence in California.
Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) has partnered with Nabis to enhance product distribution across California. This exclusive agreement aims to streamline sales, grow retail opportunities, and reduce delivery times. Hollister's product portfolio includes HashBone, a hash-infused pre-roll, and its recently acquired Venom Extracts brand. The partnership will help increase brand exposure and efficiency in the competitive cannabis market.
Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) has announced that its delivery platform, Dreamy Delivery, will serve as the official delivery service for the 2021 Emerald Cup Awards, taking place virtually on April 11, 2021. This partnership will connect consumers in Northern California with top cannabis brands showcased at the event. Dreamy Delivery will be prominently featured in promotional content over the next six months, enhancing brand visibility and engagement. The Emerald Cup is recognized as one of the leading cannabis competitions in California, celebrating excellence in the industry.
Hollister Biosciences Inc. (CSE: HOLL, OTC: HSTRF) announced that its subsidiary Venom Extracts achieved a significant revenue milestone, generating over CDN$30,000,000 in revenue since January 1, 2020. In response, Hollister plans to issue 19,740,036 common shares to former Venom shareholders at a price of $0.20 per share. This achievement underscores Venom's strong performance, particularly in Arizona's cannabis market. This news follows earlier announcements and reinforces Hollister's strategic growth in the cannabis sector.
Hollister Biosciences Inc. (CSE: HOLL, OTC: HSTRF) has engaged Renmark Financial Communications Inc. to enhance its investor relations efforts. The company aims to improve its visibility in the financial community with Renmark's strategic services. Starting from October 1, 2020, Hollister will pay Renmark CAD $8,000 monthly for six months, which will continue thereafter. Hollister operates in over 230 California dispensaries and 80 in Arizona, offering a range of cannabis products, including artisanal pre-rolls and concentrates.
Hollister Biosciences Inc. (OTC: HSTRF) announced record revenues of $8.47 million for Q2 2020, up from $0.2 million year-over-year, demonstrating significant growth. Net income reached $0.3 million, a turnaround from a $2.1 million loss in Q1 2020. Revenue stemmed from concentrates, pre-rolls, and contract manufacturing. The company is launching a direct-to-consumer delivery service named 'Dreamy Delivery' by Q4 2020. Hollister remains focused on increasing brand awareness through M&A and partnerships, including collaboration with Tommy Chong's Cannabis.
