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. (OTCQB: LVRLF) is a Canadian-domiciled, cannabis-focused consumer products company whose public news flow is heavily centered on the performance of its Star Buds Cannabis Co. retail platform in Canada. Company updates frequently highlight the results of its 11 Star Buds Cannabis Co. stores, including reported trends in monthly revenues, year-over-year growth, and gross margin levels across the chain and in specific provinces such as Ontario.
Investors and observers following LVRLF news can expect regular disclosures on how the Star Buds Cannabis Co. stores are performing in what the company describes as a challenging environment for retail cannabis. These updates often discuss market share gains, store-level profitability, and the impact of cost controls, product assortment, and customer service on the chain’s results. Management commentary commonly addresses the efficiency of the current store portfolio and the role of store closures or optimization in improving overall cash flow.
CordovaCann’s news releases also provide insight into its strategic decisions and geographic focus. For example, the company has reported a decision to wind down operations in Oregon and Washington and to divest assets in those states, while indicating that it plans to have limited cannabis exposure in the United States in the near term. Earlier communications describe a non-binding letter of intent with Jackson BevCo, Inc. for a managed services agreement related to cannabis retail stores within or beside Jacksons convenience stores in certain western U.S. states.
By reviewing the LVRLF news feed, readers can track how CordovaCann presents the performance of Star Buds Cannabis Co., its adjustments to its U.S. footprint, and its ongoing emphasis on the Canadian retail cannabis market. This context can help users understand how the company describes its operations, strategic priorities, and the factors it identifies as influencing its business over time.
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.