CordovaCann (CSE:CDVA/OTCQB:LVRLF) Provides Update on Star Buds Cannabis Retail Operations
ACCESSWIRE
Star Buds April 2021 Retail Revenues top $1 Million
TORONTO, ON / ACCESSWIRE / May 3, 2021 / CordovaCann Corp. (CSE:CDVA) (OTCQB:LVRLF) ('Cordova' or the 'Company'), a cannabis-focused consumer products company, is pleased to provide an update on its Star Buds Cannabis Co. ('Star Buds') retail operations in Canada.
Management and employees in the Star Buds stores have done an excellent job of implementing logistics and marketing initiatives to ensure success during the pandemic, and the Company's six existing stores continue to perform well this year despite lockdowns still affecting much of the country. Four of the six stores generated more revenues in April than any month prior. Combined, the six stores serviced more customers in April than ever before and nearly eclipsed the total revenues generated in the seasonally strong month of December. In April, the Star Buds retail chain in Canada produced revenues of $1.04 million with a gross margin of 30.0%, which equates to a revenue run rate of $12.5 million annually. Management expects revenues and profitability to increase with the lifting of lockdowns and seasonally stronger business in some stores during the summer months.