Star Buds Cannabis set to open shop in B.C.

A Toronto-headquartered cannabis company owns the name Star Buds in Canada.

CordovaCann Corp. says the B.C. government has approved in principle its plan to open a Star Buds Cannabis shop in the province.

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Star Buds Cannabis is coming to British Columbia.

The company that owns the retail chain says it has secured approval in principle from the provincial government to open its first shop in B.C.

CordovaCann Corp. made the announcement in a media release about an update of its July 2021 retail operations.

The Toronto-headquartered company owns the name Star Buds in Canada under an agreement with Star Buds International.

For its part, Star Buds International operates cannabis shops in the U.S.

The Canadian website of Star Buds indicates that its first shop in B.C. will be located in Kelowna.

At present, the retailer operates in Ontario, Manitoba, and Alberta.

“Our growth is a testament to the Star Buds team that is working hard to continue to optimize our stores while opening new ones,” CordovaCann chair and CEO Taz Turner stated in a media release.

The release reported that Star Buds stores “continue to generate strong performance after lockdowns in various parts of Canada were lifted over the past three months”.

It stated that seven cannabis stores “serviced more customers in July than ever before”, and grew revenues by an “impressive” 13 percent over June 2021.

Moreover, the release noted that the Star Buds retail chain in Canada produced revenues of $1.2 million with a gross margin of 28.7 percent.

Additionally, this level of earnings “equates to a revenue run rate of $14.3 million annually”.

Also, the release announced that the cannabis company has six new stores “in the final stages of the licensing process with the respective regulatory agencies”.

“Beyond these six stores, the Company has another four stores in development and continues to look to add more locations to the development pipeline,” the release noted.

These additional four stores include the first Star Buds Cannabis Co. store in B.C.

“All 10 stores currently in the pipeline should all be open before year end, which would bring the Star Buds Cannabis Co. retail base to 17 open stores across four provinces,” the release stated.

Cordova’s Turner described the performance of the Star Buds stores as an “incredible” feat “given many other retailers in the industry are experiencing slowdowns due to the proliferation of cannabis stores generally and the additional compliance measures required to operate during a pandemic”.

Cordova trades in the Canadian Securities Exchange under the ticker symbol CDVA. As of this post, CDVA shares are trading at $0.35 each.

Follow Carlito Pablo on Twitter at @carlitopablo

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