CordovaCann Continues Strong Retail Expansion and Opens 2nd Cannabis Store in Winnipeg
TORONTO, ON / ACCESSWIRE / June 28, 2021 / CordovaCann Corp. (CSE:CDVA) (OTCQB:LVRLF) ("Cordova" or the "Company"), a cannabis-focused consumer products company, is pleased to announce that its seventh Star Buds Cannabis Co. ("Star Buds") branded cannabis retail store will open on Wednesday, June 30, 2021. This store is located at 1210 Rothesay Street in the City of Winnipeg, and is the second store opened by Cordova in Winnipeg. On Wednesday this Star Buds store will be open for walk-in customers and will begin processing online orders for in-store pickup that are made through its website www.starbuds.co.
Cordova continues its expansion and plans to open additional Star Buds branded retail stores in Winnipeg and across the rest of Canada in the coming months. The Company's first six stores have performed well this year despite the pandemic, and as lockdowns are lifted across the country the company expects revenue and profitability to increase. In May, the six stores combined eclipsed $1 million in revenues for the second straight month, and four of the six stores recorded more revenues in May than any month prior. For the month, the retail operations produced revenues of $1.04 million with a gross margin of 28.6%, which equates to an annual revenue run rate of $12.5 million. With the month of June almost over, the company expects monthly retail revenues to reach an all-time high, exceeding the previous mark set during the seasonally strong holiday season of December, 2020.
The Company has an additional five stores in the final stages of the licensing process with the respective regulatory agencies. Beyond these five stores, the Company now has another six stores in development and continues to look to add more locations to the development pipeline. The additional 11 should all be open in the next 6 months, which would bring the Star Buds Cannabis Co. retail base to 18 open stores across four provinces.
"We are excited to open our second Star Buds store in Winnipeg and look forward to opening additional stores over the Summer," stated Taz Turner, Chairman and CEO of the Company. "We are accelerating our organic expansion and continue to consider acquisition opportunities that could allow us to grow even more quickly."
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.