Article by Accesswire, Yahoo Finance
CordovaCann Corp. (CSE:CDVA) (OTCQB:LVRLF) (“Cordova” or the “Company”), a cannabis-focused consumer products company, is pleased to announce that its second 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 22 Barrie Street, in the city of Bradford, and is operated by Cordova’s subsidiary, 2734158 Ontario Inc. (“273”). 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 and has their two-day grand opening scheduled for Friday July 24, 2020 and Saturday July 25, 2020.
Cordova continues to work towards opening numerous Star Buds cannabis retail stores across Canada, and expects to open additional stores in the coming months. The continued growth seen in the first Star Buds store in Barrie has given the Company increased confidence in its retail business model. Over the first 19 days in July the Barrie Star Buds store has generated gross revenues over $210,000 with a gross margin of 36%. This equates to a run rate of over $4 million in annual gross revenues. More importantly, sales increased each week the store has been open, and the store is already generating profits for the Company.
“We are working hard to expand our retail store portfolio in Canada and believe the Bradford store is an excellent second step in this process,” stated Taz Turner, Chairman and CEO of Cordova. “We look forward to opening Star Buds stores in additional Canadian markets soon.”
Chris Jones, Co-founder and President of 273 commented, “The opening of our second retail location in such a short timeframe is a strong testament to our team. Our location in Bradford is the most unique and iconic location in town and is well known by residents due to it being designated as a heritage building. We are seeing exceptional growth in our Barrie store in terms of total number of customers serviced on a daily basis as well as average basket size and are excited for the coming months.”
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 processing and production vertical markets of the cannabis industry.