CordovaCann provides update on Star Buds retail operations

CordovaCann announces an update on its Star Buds Cannabis Co. retail operations in Canada. The company said, “Star Buds Cannabis Co. stores have experienced a robust start to 2024. The Company’s 11 retail stores are not only gaining substantial market share but are also achieving an expansion in gross profit. This success can be attributed to rigorous cost controls, a diversified product assortment, and a commitment to providing an exceptional customer experience. During the initial two months of this year, the Star Buds Cannabis Co. chain recorded monthly revenues of $1.1 million in both January and February, underscoring its consistent financial strength. Furthermore, the average store within the network displayed an impressive 14.2% year-over-year revenue growth in January and 12.6% year-over-year revenue growth in February. Notably, the stores in Ontario are outpacing expectations, with average monthly revenues surging by 14.6% in January and an even more robust 15.7% in February. The aggregate gross margin for the first two months of the year remains solid at 27.0%, indicative of sustained financial health. This positive momentum in both revenue and gross profit trends has continued into March. Management anticipates sustained success for Star Buds Cannabis Co., driven by the closure of competing stores, ongoing industry consolidation, and a growing customer base. The Company is strategically working towards expanding the Star Buds Cannabis Co. platform nationwide through a combination of organic store growth and strategic acquisitions.”