“We also improved many marketing and operational aspects of our first acquisition, Amberlight, giving us the confidence to increase our quarterly cannabis revenue projections for the second fiscal quarter.”
“We held a shareholder vote to transform ourselves into a cannabis company, closed our first cannabis deal, executed purchase agreements to add seven million dollars in annual revenue and built a significant pipeline of acquisition targets,” he said. The remaining C$3 million will come from sales targets of $600,000 per year or $50,000 per month from each of the five retail locations.Ĭhris Heath, president of Ventura, said he was “pleased” with the company’s first quarter as a cannabis company. The first C$7 million will come from the five dispensaries, including Amberlight, a Portland dispensary that will provide a model for its California dispensaries.
In a note to shareholders, Ventura put forward a path to achieve C$10 million in annual cannabis revenues for the first full year of operations, which will begin after the closing of five dispensaries and a vertically integrated product business currently under contract. READ: Ventura Cannabis secures license to operate Sacramento dispensary The firm launched into the cannabis industry after a shareholder vote in April 2019 approving the change in business from addiction treatment to cannabis. Los-Angeles based Ventura is a vertically integrated, California-focused cannabis company currently building its distribution channels via revenue sharing agreements with dispensaries. Ventura Cannabis and Wellness Corp ( CSE:VCAN) outlined its plans to increase revenue generation as it reported its financials for the first quarter following the company’s transition into cannabis.