The pot company posted cannabis revenues of C$402,000 for the quarter ended August 31, a 341% increase from its first-quarter revenue of C$92,000.
It ended the quarter with over C$4.5 million in cash after divesting most of its addiction services assets as the company transitions to a pure-play cannabis operator.
READ: Ventura Cannabis and Wellness eyes Utah's cannabis potential, plans to pursue medical cannabis license in the state
"For the better part of a year, we have been working on investing time and energy in targeted markets to build our business and we are starting to see the financial results,” said Ventura’s president Chris Heath in a statement. “While we are still a very small business, we are just getting started.”
The Los Angeles-based company has cash in the bank and no debt, Heath said. It is working on strategies to increase its cannabis revenue growth, such as acquiring existing assets and developing assets from the ground up.
In the upcoming quarter, Heath told investors that while the company expects to see further growth, it is awaiting regulatory approvals for new projects that will generate significant additional revenue.
"Once these approvals are granted, I expect our future quarters will reflect the kind of growth we saw this quarter,” Heath said.
Ventura will continue to shed its addiction services assets over the next few quarters and finalize the projects currently underway, including an application for one of 14 medical cannabis licenses in Utah.
New board member
The company also announced that it strengthened its board with the addition of California-based cannabis expert Lloyd Kaplan as non-executive director.
Kaplan was a senior executive and founder of iSuppli Corporation, which was acquired by HIS Inc (NYSE:HIS) in 2010 for US$100 million.
Ventura’s shares were trading at C$0.24 on Monday morning.
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