CordovaCann reports 2022 EPS (4c) vs. (6c) last year

Reports 2022 revenue $13.5M vs. $10.3M last year. "We are very pleased with the financial performance of fiscal 2022, especially given the more difficult economic environment for the industry," stated Taz Turner, Chairman and CEO of Cordova. "In fiscal 2023, our US operations should contribute more meaningfully to our financial performance, along with growth in our retail store base in both Canada and the United States. While we are operating profitable stores today, we believe this growth will allow the entire Company to become profitable." 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. We expect this additional capacity to be online in early 2023. "We are happy with our financial results for the fiscal year and look forward to a strong 2023," stated Taz Turner, Chairman and CEO of Cordova. "Growth should accelerate in the coming year due to bigger contributions from our US operations and from expansion initiatives in nearly all geographies in which we currently operate, which should also drive profitability for the Company."