Welcome to our dedicated page for Cordovacann news (Ticker: LVRLF), a resource for investors and traders seeking the latest updates and insights on Cordovacann stock.
CordovaCann Corp. reports recurring updates on its cannabis-focused consumer products business, centered on the Star Buds Cannabis Co. retail platform in Canada. Company news commonly covers store performance, revenue and gross-margin trends, product assortment, cost controls, customer traffic, market-share gains, and the operation of its Canadian retail subsidiaries.
Coverage also includes broader corporate updates tied to CordovaCann's role in providing services and investment capital to the retail, processing, and production verticals of the cannabis industry, including changes in its U.S. cannabis-market exposure.
CordovaCann Corp. has announced a non-binding letter of intent to acquire Extraction Technologies, LLC, a cannabis extraction service provider in Washington. The transaction aims to enable Cordova to manufacture cannabis products under both white label and branded options. The purchase includes 2 million common shares as upfront payment and additional shares based on the EBITDA generated by Extraction Tech, with a maximum earnout of 5 million shares. This acquisition is expected to close by December 1, 2020, enhancing Cordova's operations in Washington.
CordovaCann has acquired an additional 10.35% equity stake in 2734158 Ontario Inc., increasing its ownership to 60.45%. The purchase cost $305,267 with initial payment of $72,539. The two existing Star Buds stores generated $455,705 in revenue in September, projecting an annual gross revenue of over $8.7 million. Plans are underway to open eight more stores across Canada. The company is also pursuing a cannabis production license in Oregon. CEO Taz Turner expressed optimism about the future growth and profitability of the business.
CordovaCann Corp. (OTCQB:LVRLF) announced the completion of its acquisition of 50.1% of 2734158 Ontario Inc., which operates two cannabis retail stores under the Star Buds brand in Ontario. The Barrie location generated over $213,000 in gross revenues in 15 days, indicating a projected annual revenue run rate of $5.1 million. The Bradford store is performing even better, with a projected run rate of $3.4 million. Cordova plans to open eight more stores and recently closed a private placement offering, raising approximately $967,846.