We were told something different 1 month agoand now we are being thrown under the bus)
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Ventura Cannabis (VCAN) Posts First Quarter Financial Statements; Highlights Cannabis Holdings LOS ANGELES, July 30, 2020 (GLOBAL NEWSWIRE)– Ventura Cannabis and Wellness Corp. (CSE:VCAN) (“Ventura Cannabis”, “Ventura”, “VCAN” or the “Company”) posted its financial statements and accompanying management discussion & analysis for the first fiscal quarter ending May 31, 2020. The financial statements and accompanying documentation are available at www.sedar.com. For the quarter ending May 31, 2020, Ventura generated an annual run-rate of approximately $1.7M in cannabis revenues, with gross profits from cannabis at 36%. Cash as of May 31, 2020 was $2.75M. Accounts payables were reduced in the first quarter by over $900K as part of the disposal of the addiction services business, leaving a payable balance at quarter end of just over $1.62M. “The management team has done a great job of disposing of the rehab assets, practicing financial discipline and managing our balance sheet”, said Lloyd Kaplan, Chairman of Ventura Cannabis. “We will continue to use our cash position to sustain the suite of cannabis assets under management and consider strategic transactions, while being flexible about how to best monetize them as the capital markets continue to be challenging to small cannabis companies in general.” To date the Company operates and maintains the following cannabis assets: In California: Ventura holds a Type 6 manufacturing cannabis license for adult and medical use located in the San Francisco Bay Area with an open plan 700 square foot facility. It holds a state-wide Type 11 distribution cannabis license for adult and medical use. It has developed an initial vape brand and has a limited inventory in place. All of these California assets have tremendous revenue potential when fully operational. In Oregon, Ventura has a strong revenue generating, luxury retail dispensary for adult and medical use located in a high traffic section of Portland, Oregon. It also has an opportunity to acquire a processing and wholesale license that is in final stages of transfer. “I continue to be proud of the accomplishments from the Ventura team over the past year, which has included disposing of the rehab division, while simultaneously launching and operating a cannabis business,” continued Mr. Heath. “In the span of just over 12 months, the team has been able to create an attractive suite of cannabis assets in a cost effective manner, while efficiently disposing of the rehab businesses, in a deteriorating industry where many of its past competitors could no longer operate. Every day we think about how to use our assets, which include cash and valuable cannabis operations and licenses, to maximize shareholder value.” For more information contact: Ventura Cannabis and Wellness Corp. Chris Heath CEO (424) 372-1123 investor@venturacanna.com www.venturacanna.com