Cannabis company Hollister Biosciences Inc. HOLL HSTRF announced Thursday that its wholly-owned subsidiary, Venom Extracts, generated CA$40 million in revenue year to date.
It’s the second and final revenue milestone Venom accomplished under the acquisition agreement the company inked in March. Recall how Hollister paid CA$20 million for the Arizona-based cannabis extract brand.
For the same period, Venom posted a positive adjusted EBITDA of 4.8 million.
The Vancouver-based company noted it would issue 9,870,018 of its common shares to some of Venom's former shareholders at 20 cents per earn-out share.
Hollister’s CEO Carl Saling praised the Arizona team and their “ability to achieve this final revenue milestone and market leadership position,” adding they are looking forward to “continuing the growth” of their Arizona platform.
Hollister operates more than 80 dispensaries within Arizona and distributes its products in 230 dispensaries throughout California.
According to its latest earnings report, Hollister generated roughly CA$12.5 million in revenue for the third quarter of 2020. The company also posted CA$1.265 million in EBITDA.
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