Hollister’s 100% Owned Subsidiary Venom Extracts Generates Record Revenue in Q1 2020
VANCOUVER, June 2, 2020 /CNW/ – Hollister Biosciences Inc. (CSE: HOLL, OTC: HSTRF, FRANKFURT: HOB) (the “Company“, “Hollister Cannabis Co.” or “Hollister“) a diversified cannabis branding company with products in over 220 dispensaries throughout California, is pleased to provide an update on the Q1, 2020 performance of its 100% owned subsidiary, Venom Extracts (“Venom“).
Throughout the COVID-19 pandemic, Venom products continue to see significant growth in demand which resulted in record revenue for Q1, 2020. Although these numbers will be disclosed in Hollister’s Q1 report, only a small portion will be included in Hollister’s audited financial statements, as the acquisition closed on March 24, 2020.
For the period ended March 31st, 2020, Venom reports that it generated record quarterly revenue of CDN$ 8.5 million and CDN$ 1.7 million in EBITDA (excluding one-time closing costs) from its product line of Cannabis Concentrates, P.H.O Concentrates and Cartridges. The Company cautions that revenue and EBITDA figures have not yet been audited and are based on reports prepared by Venom management.
“Venom is demonstrably a leading extraction operation and have captured substantial market share in the concentrates market in the state of Arizona. Their revenue growth has been impressive.” Said Carl Saling, CEO of Hollister. “The Company is looking forward to expanding its Hollister facility, currently in the design phase, so Venom can replicate their model and begin producing in the state of California.”
About Hollister Biosciences Inc.
Hollister Biosciences Inc. is a multi-state cannabis company with a vision to be the sought-after premium brand portfolio of innovative, high-quality cannabis & hemp products. Hollister uses a high margin model, controlling the whole process from manufacture to sales to distribution or seed to shelf. Products from Hollister Biosciences Inc. include HashBone, the brand’s premier artisanal hash-infused pre-roll, along with concentrates (shatter, budder, crumble), distillates, solvent-free bubble hash, pre-packaged flower, pre-rolls, tinctures, vape products, and full-spectrum high CBD pet tinctures. Hollister Cannabis Co. additionally offers white-labeling manufacturing of cannabis products. Our wholly-owned California subsidiary Hollister Cannabis Co is the 1st state and locally licensed cannabis company in the city of Hollister, CA birthplace of the “American Biker”.
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Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com