Star Buds Store in Wasaga Beach is on 5e Opening of a store in Ontario
TORONTO, ON / ACCESSWIRE / Aug 19, 2021 / CordovaCann Corp. (CSE: CDVA) (OTCQB: LVRLF) (“Cordoba“or the”Society“), a cannabis-focused consumer products company, is pleased to announce the opening of its eighth Star Buds Cannabis Co. (” Star Buds “) branded cannabis retail store in Canada after receiving confirmation from the Alcohol and Gaming Commission of Ontario. the store is located at 30 45th Street, Unit 6 in the town of South Wasaga Beach, and is operated by Cordova’s subsidiary, 2734158 Ontario Inc. This Star Buds Cannabis Co. store has started processing online orders for customer in-store pickup which are made through its website www.starbuds.co, and is also open to walk-in customers. The official opening of the store is scheduled for Friday August 20, 2021.
Cordova is continuing its expansion plan by opening numerous Star Buds Cannabis Co. retail stores across Canada and plans to open additional stores in the coming weeks. The company’s confidence in its Canadian retail business model has never been stronger, and the Star Buds team strives to optimize inventory assortment, marketing initiatives and systems. operation to create the best experience for consumers.
“We are excited to open our fifth store in Ontario, and the province has proven to be an excellent market for Star Buds Cannabis Co. retail stores,” said Taz Turner, President and CEO of Cordova. “Our pace of store openings is expected to accelerate for the remainder of the year as the company seeks to capitalize on the success of Star Buds stores to date.”
In addition, Cordova is also pleased to announce the closing of a non-middleman private placement (the “Offer“), pursuant to which the Company issued 3,379,379 units (the”Units“) at a price of $ 0.30 per unit for gross proceeds of $ 1,013,814; of which $ 661,530 was received in cash and $ 352,284 was issued in settlement of overdue charges and debt. Each unit consists of one ordinary share (“Ordinary share“) in the capital of the Company and one common share purchase warrant (each, a”To guarantee“). Each warrant entitles its holder to purchase one common share for a period of twenty-four months from the date of issue at a price of $ 0.45 per common share. The proceeds of the offering are intended for to be used for inventory and capital expenses related to the retail operations of the Company as well as for general corporate purposes and working capital requirements.
Mr. Turner commented, “This funding enables the Company to accelerate the opening of Star Buds branded retail stores to expand our Canadian presence and generate greater cash flow. We hope to operate in four provinces in the near future, which includes our launch in Colombia. “
All securities issued in connection with the offering will be subject to a hold period of four months plus one day from the date of issue and the resale rules of applicable securities legislation.
The Offer constituted a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Holders of Minority Securities in Special Transactions (“MI 61-101“) as an insider the Company has subscribed for 325,000 Units under the Offer. The Company avails itself of the exemptions from the assessment and minority shareholder approval requirements of Regulation 61-101 contained in sections 5.5 (b) and 5.7 (1) (a) of MI 61-101, because the Company is not listed on a specified market and the fair market value of the participation in the Offer by the insider does not exceed 25 % of the Company’s market capitalization in accordance with MI 61- 101. The Company has not filed a material change report with respect to the related party transaction at least 21 days before the closing of the Offer, this that the Company considers reasonable in the circumstances in order to complete the Offer quickly.
The securities issued under the Offer have not been registered under the Securities Act of 1933, as amended, or any state securities law and may not be offered or sold to states. – United in the absence of registration or an applicable exemption from registration requirements. This press release does not constitute a solicitation or an offer to purchase any securities of the Company. All references to dollar amounts in this press release are in Canadian dollars, unless otherwise noted.
About CordovaCann Corp.
CordovaCann Corp. is a Canadian-domiciled company focused on building a diverse and leading cannabis products business in multiple jurisdictions including Canada and the United States. Cordova primarily provides services and investment capital to the retail, processing and production verticals of the cannabis industry.
Caution regarding forward-looking information
This press release contains “forward-looking information” under the provisions of applicable Canadian securities legislation regarding the business, operations and financial performance and condition of the Company. All statements contained in this press release, other than statements of historical fact, are “forward-looking information” about the Company within the meaning of applicable Canadian securities laws, including statements regarding the anticipated business activities of the Company. , the benefits of opening the store and the prospect of opening additional retail stores. Generally, such forward-looking information can be identified by the use of forward-looking terms such as “plans”, “expects”, “is planned”, “budget”, “planned”, “estimates”, “forecasts” , “intends to”, “anticipates”, “believes”, or variations or comparable language of those words and expressions or statements that certain actions, events or results “could”, “could”, “would”, “Should”, “could” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Forward-looking information is necessarily based on a number of factors and assumptions which, if they are false, could cause the actual results, performances or achievements of the Company to differ materially from the future results, performances or achievements expressed or implied by these statements. These statements and information are based on numerous assumptions es regarding present and future business strategies and the environment in which the Company will operate in the future, including anticipated costs and the ability to achieve business objectives and goals.
Certain important factors which could cause actual results, performance or achievements to differ materially from those indicated in the forward-looking information including, but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; the successful integration of acquired or merged businesses; changes in interest rates; management’s ability to forecast revenues and control expenses, including on a quarterly basis; unexpected decline in income without a corresponding and timely slowdown in expenditure growth; the Company’s ability to retain its key officers and employees; intense competition and the Company’s ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, meet the increasingly sophisticated demands of customers and are accepted by the market; relationships with major suppliers and customers; as well as other risks and uncertainties, including, but not limited to, those detailed from time to time in the Company’s public documents on EDGAR and SEDAR. Although the Company believes that its expectations are based on reasonable assumptions and that it has attempted to identify material factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, d Other factors may cause actions, events or results should not be those anticipated, estimated or foreseen. The Company provides forward-looking information for the purpose of conveying information about current expectations and plans for the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to known and unknown risks, uncertainties and other important factors which may cause the actual results, level of activity, performance or achievements of the Company. are materially different from those expressed or implied by these forward-looking statements. statements. Therefore, readers should not place undue reliance on forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are made as of the date hereof and, therefore, are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
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