Ventura Cannabis and Wellness Corp. (VCAN) Releases Preliminary Quarterly Financial Highlights for the Quarter Ending August 31, 2019
LOS ANGELES, October 2, 2019 (GLOBAL NEWSWIRE)– – Ventura Cannabis and Wellness Corp. (CSE:VCAN)(“Ventura” or the “Company”) released preliminary selected quarterly financial highlights for the quarter ending August 31, 2019:
- Cannabis revenue for the quarter is expected to exceed $350,000 as compared to $92,000 last quarter; Adjusted EBITDA* is expected to exceed $25,000 for the cannabis operations for the quarter.
- As reported previously, cash on hand is expected to exceed $4,250,000 at the end of the quarter, which would represent an increase in cash on hand from the previous quarter.
- Management continues to work to dispose of the addiction services assets as the core focus of the Company is now cannabis revenue growth.
“As the month ends, I wanted to provide an update on our second quarter as a cannabis business to our shareholders,” said Mr. Chris Heath, President of Ventura. “We saw good growth from our core cannabis business and I am looking forward to publishing our full quarterly financials at the end of the month as it has been a good quarter for us. Lastly, we are unaware of anything in our business that would result in the recent volatility in our share price. It seems the entire capital market for cannabis is challenging at the moment. In this environment, it remains important to note that we have cash that can finance our plan to increase our cannabis revenues and cash flows and we are not reliant on the capital markets for funding that growth.”
*Adjusted EBITDA is listed for the cannabis operations only; Please note the quarterly financial statements will be on a consolidated basis. The Adjustment to EBITDA is in a one-time reduction of inventory value of the first acquisition after close.
For more information contact:
Ventura Cannabis and Wellness Corp.
Certain statements contained in this presentation constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “confident” and similar expressions as they relate to the Company. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties, and assumptions. The forward-looking information included are made as of October 2, 2019, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. VCAN holds or is acquiring marijuana assets in the United States. Previously disclosed acquisitions are still subject to closing. Marijuana is legal in each state VCAN is looking to operate, however marijuana remains illegal under US federal law, and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that the Company’s ability to access private and public capital could be affected and or could not be available to support continuing operations.