Revenue Drops, Loss Grows YoY For This Cannabis Operator In Q1, Plans Expansion In New Jersey

Top Strike Resources Corp. VENI TPPRF, which is doing business as Vencanna Ventures, reported its first quarter results for the three-month period ending July 31, 2023. 

Q1 2024 Financial Highlights

• Revenue totaled CA$40,815 ($30,246), compared to CA$181,139 in the same quarter of last year.
• Total expenses amounted to CA$236,900 down from CA$277,992 in the first quarter of fiscal 2023.
• Loss and comprehensive loss for the period totaled CA$196,085, up from CA$96,853 in the corresponding period of last year.
• As of July, the company had CA$9.05 million in total assets, CA$2.8 million in total liabilities and CA$4.67 million in cash.
• As of July 31, 2023, 57% of the company's assets were directly related to US cannabis activities.

Subsequent Milestones

On August 16, the company amended and restated its definitive agreement with Cannavative, under which Top Strike will acquire all membership units of Cannavative through the issuance of 29.4 million common shares and the issuance of 14.7 million purchase warrants, with each warrant being exercisable for one common share at an exercise price of $0.10 for a period of 18 months.

The company continues to make progress to advance its community New Jersey partnerships; TGC New Jersey LLC., CGT New Jersey LLC and October Gold LLC. 

The New Jersey Cannabis Regulatory Commission awarded TGC a Conditional Class 3 Cultivation and Manufacturing License, and each of CGT and October Gold a Conditional Retail License. 

A conditional cannabis license allows the holder to secure a site for operations, obtain municipal approval for the cannabis business and for the license holder to submit its conversion application to the CRC for review and final approval for an annual license. 

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