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Ventura Cannabis and Wellness receives regulatory approval for Kush Rush acquisition

The new dispensary is expected to generate C$500,000 in annual revenue during the first full year under operation

Ventura Cannabis and Wellness - Ventura Cannabis and Wellness receives regulatory approval for Kush Rush acquisition
Kush Rush will serve as a template for Ventura’s California dispensaries under contract or application

Ventura Cannabis and Wellness Corp (CSE:VCAN) has received the stamp of approval from regulators to close its acquisition of Kush Rush, a California dispensary and delivery service.

Los Angeles-based Ventura said Thursday that the Bureau of Cannabis Control approved the acquisition, part of Ventura’s strategy to build a network of California dispensaries.

Kush Rush will serve as a template for Ventura’s California dispensaries under contract or application, the company said in a statement.

READ: Ventura Cannabis shares path to C$10 million revenue target, posts first financials as cannabis company

The new dispensary is expected to generate C$500,000 in annual revenue during the first full year under operation.

Under the terms of the acquisition, Ventura will pay C$210,000 in cash and issue 1.2 million shares to the owner-operator of Kush Rush in a deal worth close to C$640,000 in total.

Ventura Cannabis has binding agreements to purchase five dispensaries in California as well as to acquire a vertically integrated cannabis product company in the state.

The cannabis company's strategy is to focus solely on the massive California market, where it plans to establish a network of dispensaries with owner-operators.

Shares of Ventura were trading at C$0.31 on Thursday morning.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 0.24 CAD

CSE:VCAN
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