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TORONTO, ON / ACCESSWIRE / December 18, 2024 / CordovaCann Corp. (CSE:CDVA)(OTCQB:LVRLF) ("Cordova" or the "Company"), a cannabis-focused consumer products company, proudly announces an update on its Star Buds Cannabis Co. retail operations in Canada.
Star Buds Cannabis Co. stores produced strong results through the first two months of the quarter ending December 31, 2024 and are expected to sustain this growth through the final weeks of the year. The Company's 11 retail stores continue to gain market share and produce consistent gross margin. The stores continue to win over customers with a diversified and well-regarded assortment of products and a team dedicated to providing exceptional customer service.
During the months of October and November, the Star Buds Cannabis Co. chain recorded monthly revenues of $1.3 million and $1.2 million, respectively. The average store in the network generated 9.2% year-over-year revenue growth in October and 10.1% year-over-year revenue growth in November. Our higher grossing stores in Ontario continue to grow at a faster pace, with average monthly revenues growing by 12.4% and 14.1% in October and November, respectively. The aggregate gross margin remained strong at 26.3% in October and 26.2% in November. Management currently expects similar revenue and gross margin trends in December.
The continued strong performance of the Star Buds Cannabis Co. chain highlights the efficiency of the current store portfolio. Management is optimistic that the positive momentum in both revenue and gross profit will continue in 2025 and is working to expand the retail footprint beyond the current 11 locations.
"The Star Buds Cannabis Co. stores have performed admirably in 2024, and we are excited about growing the platform organically and through accretive acquisitions in 2025," stated Taz Turner, Chairman and CEO of Cordova. "Our team is focused on expanding the retail business in Canada and will continue to explore ways to achieve that goal."
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 retail, processing and production vertical markets of the cannabis industry.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" under the provisions of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable Canadian securities laws, including statements with respect to the Company's planned business activities, the anticipated benefits of the opening of the store and the prospect of opening additional retail stores. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations or comparable language of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking information is necessarily based upon a number of factors and assumptions that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including anticipated costs and ability to achieve business objectives and goals.