CordovaCann Continues Retail Expansion and Opens Third Star Buds Cannabis Retail Store in Ontario
CordovaCann Corp. (CSE:CDVA) (OTCQB:LVRLF) has announced the opening of its third Star Buds Cannabis Co. retail store in Ontario, confirmed by the Alcohol and Gaming Commission of Ontario. Located at 813 Innisfil Beach Road, the store will begin processing online orders and will welcome walk-in customers. The grand opening is set for November 20-21, 2020. The company reports that its first two stores have generated $1 million in revenue this quarter with a gross margin of 35%, equating to an annual run rate of over $4 million per store.
- Opening of third Star Buds store enhances retail presence.
- First two stores generated over $1 million in revenue this quarter.
- Strong gross margin of 35% indicates profitable operations.
- Annual revenue run rate of over $4 million per store exceeds expectations.
- None.
TORONTO, ON / ACCESSWIRE / November 17, 2020 / CordovaCann Corp. (CSE:CDVA) (OTCQB:LVRLF) ("Cordova" or the "Company"), a cannabis-focused consumer products company, is pleased to announce that its third Star Buds Cannabis Co. ("Star Buds") branded cannabis retail store in Ontario has received confirmation from the Alcohol and Gaming Commission of Ontario that it can open today. This store is located at 813 Innisfil Beach Road - Unit 1, in the city of Innisfil, and is operated by Cordova's subsidiary, 2734158 Ontario Inc. This Star Buds store will start processing online orders for in-store pickup from customers that are made through its website www.starbuds.co, and will also be open to walk-in customers starting today. The official grand opening of the store is scheduled for Friday November 20, 2020 and Saturday November 21, 2020.
Cordova is continuing its expansion plan by opening numerous Star Buds cannabis retail stores across Canada and expects to open additional stores in the coming weeks. The Company's first two stores continue to generate strong revenue and profits, giving the Company increased confidence in its retail business model in Canada. These stores have already generated over
"We are excited to open Star Buds in Innisfil and believe this store will be one of the best in our retail store portfolio in Canada," stated Taz Turner, Chairman and CEO of Cordova. "I'm very pleased that we are accelerating the pace of store openings and we look forward to opening Star Buds stores in additional Canadian markets soon."
About CordovaCann Corp.
CordovaCann Corp. is a Canadian-domiciled company focused on building a leading, diversified cannabis products business across multiple jurisdictions including Canada and the United States. Cordova primarily provides services and investment capital to the retail, processing and production vertical markets of the cannabis industry.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" under the provisions of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable Canadian securities laws, including statements with respect to the Company's planned business activities, the anticipated benefits of the opening of the store and the prospect of opening additional retail stores. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" , "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" , "believes", or variations or comparable language of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking information is necessarily based upon a number of factors and assumptions that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including anticipated costs and ability to achieve business objectives and goals.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking information including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the Company's ability to retain key management and employees; intense competition and the Company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company's public filings on EDGAR and SEDAR. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company provides forward-looking information for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are made as of the date hereof and, accordingly, are subject to change after such date. 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 unless required by applicable law.
Company Contact:
Taz Turner
Chief Executive Officer
taz@cordovacann.com
(917) 843-2169
SOURCE: CordovaCann Corp.
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