CordovaCann Corp. (OTCQB:LVRLF) (CSE:CDVA) released its financial results for its fiscal year ending June 30, 2022, revealing revenue of $13.5 million, a 31% increase compared to $10.3 million in the prior year.
FY 2022 Financial Highlights
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Gross profit was $3.7 million compared to $3.5 million in fiscal 2021.
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Net loss was $4 million compared to $4.8 million in fiscal 2021.
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Net loss per share was ($0.04), an improvement from a net loss per share of ($0.06) in fiscal 2021.
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. The company expects this additional capacity to be online in early 2023.
Photo by Diyahna Lewis on Unsplash
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