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On September 28, 2021, Top Strike Resources Corp. (OTCQB: TPPRF) reported financial results for the quarter ending July 31, 2021. The company achieved $510,000 in revenue compared to $(77,816) in the same period last year. Net income totaled $280,657, reversing a loss of $(253,263) from the previous year. Notably, interest income rose to $237,351. The company settled two significant loan notes totaling $6,838,699, increasing its cash balance to $7.37 million. A planned acquisition of Cannavative Group is also highlighted, pending regulatory approvals.
Top Strike Resources, operating as Vencanna Ventures, has fully repaid the US$1.3 million Galenas Convertible Promissory Note, finalizing a total repayment of US$5.5 million to Galenas LLC. The company has successfully transitioned into a merchant capital firm and is focused on early-stage cannabis investments. Vencanna has made over $16 million in short-term investments with a 22% annualized return and holds a cash position of approximately $7.5 million post-repayment.
Top Strike Resources Corp., operating as Vencanna Ventures (OTCQB: TPPRF), has fully repaid the US$3.3 million Galenas Convertible Promissory Note, totaling US$4.2 million including interest. The corporation achieved a 27.0% return on this investment. Since 2019, Vencanna has invested US$16.1 million with a weighted average annualized return of 22.6%. The current cash position post-repayment is approximately US$5.9 million. Vencanna Ventures focuses on providing capital for early-stage cannabis initiatives.
Top Strike Resources Corp., operating as Vencanna Ventures (OTCQB: TPPRF), announced a US$2 million loan agreement with Cannavative Group LLC, aiming for acquisition via the issuance of 360 million shares. Cannavative reported first-quarter sales of $3.2 million, a 48% increase year-over-year, with a record $1.6 million in April. The Nevada cannabis market is rebounding, with sales hitting $84 million in March. The company anticipates continued growth as tourism resumes, bolstered by the lifting of capacity restrictions.
Top Strike Resources Corp. (OTCQB: TPPRF) reported financial results for the quarter ending January 31, 2021, showing revenue of $142,842, a slight decline from $144,635 in the previous quarter. The company posted a net loss of $663,014, following a loss of $134,587 in the prior quarter. Total assets stood at $10,464,502 with total liabilities at $2,239,989. Vencanna announced plans to acquire Cannavative Group for US$2 million, aiming for completion in summer 2021, contingent on CSE approval and shareholder consent.
Top Strike Resources Corp., d.b.a. Vencanna Ventures (CSE: VENI, OTCQB: TPPRF), has entered a loan agreement with The Cannavative Group LLC, providing US$2 million for facility expansion and working capital. Vencanna aims to acquire Cannavative in an all-share transaction, issuing 360 million shares at US$0.05 each. This deal, dependent on CSE approval, indicates a significant move into the cannabis market. The transaction is projected for completion in summer 2021, with Cannavative reporting monthly revenues of US$1.5 million.
Top Strike Resources Corp. (OTCQB: TPPRF) reported financial results for the period ending July 31, 2020. Revenue decreased to $127,166 from $950,424 in the previous quarter. The company reported a net loss of $253,263. Total assets increased to $10,873,139, with liabilities at $1,870,846. A significant portion of its business activities relates to U.S. cannabis operations, representing 64% of total assets. The company plans to recommence its Normal Course Issuer Bid, aiming to buy back up to 5% of its shares, signaling investment confidence.
Top Strike Resources Corp. (OTCQB: TPPRF) reports revenue of $950,424 for the quarter ending April 30, 2020, a significant increase from $307,630 in the previous quarter. The company achieved a net gain of $712,761, reversing losses from earlier periods. Total assets now stand at $9,293,961, with total liabilities of $76,132. Vencanna's recent activities include acquisitions in the US cannabis sector, accounting for 59% of assets. However, the ongoing COVID-19 pandemic poses risks to operations and market dynamics.