“We held a shareholder vote to transform ourselves into a cannabis company, closed our first cannabis deal, executed purchase agreements to add seven million dollars in annual revenue and built a significant pipeline of acquisition targets. “I am pleased with our first quarter as a cannabis company,” said Chris Heath, President of Ventura Cannabis. The acquisition is estimated to generate $125,000 per quarter of revenue ($500,000 annualized).Īll transactional, legal and due diligence costs totaling $393,889 for the following acquisitions and projects representing an additional $5,300,000 in annualized revenue when closed (all cannabis businesses are anticipated to have 20% EBITDA margins post- integration):Ĭreation of a pipeline project stream to reduce future and current transactional costs. The entire cash consideration component for the Kush Rush acquisition (announced July 2nd, 2019) which is expected to close in the current quarter, as well as legal, due diligence and transaction fees associated with the acquisition totaled $373,439. That estimate has since been increased to over $300,000 for the quarter ending Aug($1,200,000 annualized). At the time of closing, the acquisition was expected to generate $225,000 per quarter of revenue. The entire cash consideration component for the Amberlight acquisition, (closing announced May 6th, 2019) as well as legal, due diligence and transaction fees associated with the acquisition totaled $683,289. VCAN expects to continue to generate at least $500,000 in quarterly cash flow from a combination of operational cash flow and cash from the sale of addiction services assets into the third and fourth fiscal quarters of the year.