CordovaCann Achieved Annual Revenue Growth of 31% in Fiscal 2022

TORONTO, ON / ACCESSWIRE / November 7, 2022 / CordovaCann Corp. (CSE:CDVA) (OTCQB:LVRLF) (“Cordova” or the “Company”), a cannabis-focused consumer products company, recently released its annual consolidated financial statements, and is pleased to provide an update on its operations in Canada and the United States.

Cordova announced that for its fiscal year ending June 30, 2022, the Company generated $13.5 million in revenues, compared to $10.3 million the year prior, primarily driven by the growth of the Star Buds Cannabis Co. retail footprint in Canada. Net loss per share was (0.04), an improvement from a net loss per share of (0.06) in fiscal 2021.

“We are very pleased with the financial performance of fiscal 2022, especially given the more difficult economic environment for the industry,” stated Taz Turner, Chairman and CEO of Cordova. “In fiscal 2023, our US operations should contribute more meaningfully to our financial performance, along with growth in our retail store base in both Canada and the United States. While we are operating profitable stores today, we believe this growth will allow the entire Company to become profitable.”

The Star Buds Cannabis Co. stores in Canada posted another strong month of revenues in October, in spite of it being a seasonally weaker part of the year for the industry. For the month, the store chain generated revenues of $1.17 million with a gross margin of 25.7%. Store performance has benefited from tight cost controls and rationalization in the cannabis retail market. Due to this performance, management is working on expanding the Star Buds Cannabis Co. footprint in Canada through both organic store growth and acquisitions.

Cordova’s operations in the United States also made significant progress in October. During the month, Extraction Technologies secured a tolling contract from the largest cultivation consortium in Washington to extract 5,000 lbs. of biomass per month for the client. In Oregon, work continues to expand the facility of Cannabilt Farms to allow for additional capacity of indoor cultivation. We expect this additional capacity to be online in early 2023.

“We are happy with our financial results for the fiscal year and look forward to a strong 2023,” stated Taz Turner, Chairman and CEO of Cordova. “Growth should accelerate in the coming year due to bigger contributions from our US operations and from expansion initiatives in nearly all geographies in which we currently operate, which should also drive profitability for the Company.”

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.

Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking information including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management’s ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the Company’s ability to retain key management and employees; intense competition and the Company’s ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company’s public filings on EDGAR and SEDAR. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company provides forward-looking information for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are made as of the date hereof and, accordingly, are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by applicable law

Company Contact:

Taz Turner
Chief Executive Officer
[email protected]
(917) 843-2169

SOURCE: CordovaCann Corp.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

VANCOUVER, BC, Sept. 21, 2021 /PRNewswire/ – Willow Biosciences Inc. (“Willow” or the “Company“) (TSX: WLLW) (OTCQX: CANSF), a leading biotechnology company that manufactures ultra-pure, sustainably produced cannabinoids via yeast-based biosynthesis, is pleased to provide the following operational and corporate updates.

Commercial Scale Operational Update

In March 2021, Willow completed its first commercial scale fermentation run of cannabigerol (“CBG“) with its manufacturing partner at their European facilities. The product from this first run was primarily used for customer samples and to provide material to Cellular Goods PLC (“Cellular Goods“) as a part of their June 2021 supply agreement. The first shipment of CBG was delivered to Cellular Goods in July 2021. Since this initial production run, Willow has increased its production titer by >400% and has carried out additional fermentation runs yielding tens of kilograms of ultra-pure CBG at >10,000 L fermentation scale. The Company continues to make significant titer improvements to its strain, with further production runs planned through the end of the year.

CBGA Production Update

Since launching CBG, Willow has received inquiries for its acidic precursor, cannabigerolic acid (“CBGA“), which is not readily available through extraction. Willow is pleased to announce that it has developed a process for production of ultrapure cannabigerolic acid and samples are now available for customer assessment and product development. CBGA is an exciting, rare cannabinoid with distinctive properties and has been shown to act as an anti-oxidant, anti-inflammatory, anti-microbial and neuroprotectant in research studies. The unique benefit of Willow biosynthetic production process in yeast is that it can efficiently produce the acidic and neutral forms of cannabinoids in high purity.

Corporate Update

A claim alleging infringement of Canadian Patent No. 2,770,774 was served on the Company. Willow is confident the claim is entirely without merit and intends to vigorously defend it.

The patent relates to the aromatic prenyl transferase CsPT1 from cannabis. Willow does not utilize CsPT1 in any of its development programs or commercialized processes. Willow has applied its in-house cannabis genomic databases and enzyme engineering technologies to the discovery and development of novel, proprietary genes for biosynthetic production of cannabinoids in yeast. Willow has developed distinctly different, proprietary genes for the steps within the primary cannabinoid pathway and filed multiple patent applications relating to key genes within its developed cannabinoid pathway.

Willow has developed a proprietary cannabinoid biosynthetic pathway for producing ultra-pure cannabinoids that does not involve CsPT1.

About Willow Biosciences Inc.

Willow is a leading biotechnology company that develops and produces high-purity, plant derived ingredients for the consumer care, food and beverage, and pharmaceutical markets. Willow’s biotechnology platform allows creation of a consistent, scalable and sustainable product that benefits both B2B and B2C customers. Willow’s R&D team has a proven track record of developing and commercializing bio-based manufacturing processes and products for both the consumer and pharmaceutical industries.

Forward-Looking Statements

This news release may include forward-looking statements including opinions, assumptions, estimates and the Company’s assessment of future plans and operations, and, more particularly, statements concerning: the progress of Willow’s commercial development programs for CBG and CBGA; the therapeutic benefits of CBGA; predictions about the outcome of litigation in which Willow is involved; and the business plan of the Company, generally, including cannabinoid research and production. When used in this news release, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company which include, but are not limited to: the success of Willow’s strategic partnerships, including the development of future strategic partnerships; the financial strength of the Company; the ability of the Company to fund its business plan using cash on hand and existing resources; the market for Willow’s products; the ability of the Company to obtain and retain applicable licences; the ability of the Company to obtain suitable manufacturing partners and other strategic relationships; and the successful implementation of Willow’s commercialization and production strategy, generally. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, risks common in all litigation, including that, because of the inherent uncertainty of litigation, the outcome may be unfavorable even if Willow’s defense is meritorious, or that material legal fees and expenses may be incurred even if Willow is ultimately successful in its defense; risks associated with: the cannabinoid industry in general; the success of the Company’s research and development strategies; infringement on intellectual property; failure to benefit from partnerships or successfully integrate acquisitions; actions and initiatives of federal and provincial governments and changes to government policies and the execution and impact of these actions, initiatives and policies; import/export and research restrictions for cannabinoid-based operations; the size of the medical-use and adult-use cannabinoid market; competition from other industry participants; adverse U.S., Canadian and global economic conditions; adverse global events and public-health crises, including the current COVID-19 outbreak; failure to comply with certain regulations; departure of key management personnel or inability to attract and retain talent; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company’s most recent annual information form and management’s discussion and analysis for additional risk factors relating to Willow, which can be accessed either on Willow’s website at www.willowbio.com or under the Company’s profile on www.sedar.com.

The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Abbreviations

B2B business to business
B2C business to consumer
R&D research and development

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.