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Ventura Cannabis and Wellness preliminary results indicate 23% quarter-over-quarter revenue growth

“We are seeing pretty good organic revenue growth rates post-acquisition,” CEO Chris Heath said

pot cannabis joints
Cannabis revenue for the quarter is expected to surpass C$490,000 compared to C$402,000 in the last quarter

Ventura Cannabis and Wellness Corp (CSE:VCAN) CEO Chris Heath told shareholders on Wednesday that the cannabis company was proving its mettle amongst its peers, thanks to strong organic growth. 

The CEO’s remarks came as Ventura offered a glimpse into its upcoming results for the period ended November 30 that highlighted a 23% increase in quarter-over-quarter revenue. 

Cannabis revenue for the quarter is expected to surpass C$490,000 compared to the C$402,000 recorded in the last quarter, according to Ventura.

READ: Ventura Cannabis and Wellness eyes Utah's cannabis potential, plans to pursue medical cannabis license in the state

"For the third quarter in a row we have seen growth from our core cannabis business and I am looking forward to publishing our full quarterly financials at the end of the month,” Ventura said in a statement.

All of the company’s growth was organic, Heath told investors.

“We continue to unwind our addiction business units and expect our cash position in the short run to remain steady, however, we remain uncertain of the costs resulting from exiting this declining rehab services market and we are reserving a portion of the cash to satisfy these liabilities,” Heath said.

The CEO acknowledged that while capital markets for cannabis continue to be challenging, Ventura plans to continue to deploy cash to build cannabis revenue.

“We are seeing pretty good organic revenue growth rates post-acquisition,” Heath added.

“My hope is now with three successful quarters under our belt, and with no debt, market participants will be persuaded to become shareholders in our fast-growing company and we can finally set ourselves apart from the many listed cannabis companies in distress. Our strength, I believe, is now proven."

Ventura is a vertically integrated, California-based products cannabis company that is currently building out its distribution channel through revenue-sharing agreements with owner-operators of cannabis dispensaries.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Ventura Cannabis and Wellness

Price: 0.06 CAD

Market: CSE
Market Cap: $2.22 m

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