TORONTO, Aug. 30, 2021 (GLOBE NEWSWIRE) — Captor Capital Corp. (CSE: CPTR; FRANKFURT: NMVA; STUTTGART: NMVA), (“Captor” or the “Company”), is pleased to announce today the release of its Unaudited Condensed Interim Consolidated Financial Statements and MD&A for the three months ended June 30, 2021. In the quarter, revenues from the sale of cannabis at the Company’s California dispensary network were $6,769,946, with the Company recording a gross profit of $2,055,798. Revenues from cannabis sales were up $3,002,095 (80 per cent) from the previous financial quarter, while gross profit was up $804,462 (64 per cent).
“We have seen significant growth quarter-over-quarter, as Captor continues to benefit from the geographic location and retail footprint of its dispensaries, and our highly trained staff,” said Captor Capital CEO, John Zorbas. “The retail locations are well-positioned in mature counties in California where adult use is both legal and popular. As more retail dispensaries are opened, Captor will benefit from economies of scale and will realize a direct impact to EBITDA while maintaining a consumer-focused approach.”
“The Company possesses sophisticated retail outlets and uses proprietary analytics to increase efficiencies and profitability,” said Adam Wilks, CEO of Captor Retail Group “Moreover, the physical locations are ideal to support a robust delivery platform, allowing for immediate access to some of California’s most densely populated markets without the burden of paying premium rents.”
Financial Statement Highlights
- Revenues from the sale of cannabis at the Company’s California dispensary network were $6,769,946
- The Company recorded a gross profit of $2,055,798
- Revenues up 80 per cent and Gross Profits up 64 per cent vs. June 2020
- As of June 30, 2021 the Company has assets of $69,170,836, including $26,108,843 in cash and cash equivalents, as compared to assets of $60,310,334, including cash equivalents of $17,363,137, on March 31, 2021.
The Company has grown from two (2) operational dispensaries to eight (8) operational dispensaries with a ninth location scheduled to open within the year. The employee count has increased from twenty-seven (27) to one-hundred-eighteen (118) full- and part-time employees.
In May 2021, CRG announced the One Plant retail location in Goleta, California had received all operating licenses and opened for business, becoming CRG’s eighth operational dispensary. CRG’s ninth operational dispensary will be located in Palm Springs, giving the Company a foothold in the lucrative Southern California market.
While the Company has achieved significant growth in both revenues and profits this past year, it is management’s belief that it will be in the first quarter of the 2021 financial year and the following quarters that this investment will truly begin to bear significant fruit, as CRG begins to utilize 100 per cent of the resources and capabilities of each of its nine locations.
Additional information relating to the Company’s filing is available on SEDAR at www.sedar.com and in the Company’s Unaudited Financial Statements and in the Management’s Discussion and Analysis for the Quarter Ended June 30, 2021.
About Captor Capital Corp.
Captor Capital Corp. is a Canadian vertically integrated cannabis company listed on the Canadian Securities Exchange, and the Frankfurt and Stuttgart stock exchanges. Captor provides recreational cannabis products to consumers, as well as other high demand cannabis-based goods. The Company follows a strategy of acquiring cash flowing established companies and organizations with growth potential that require capital to scale.
Captor Capital Corp.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to availability of investment opportunities, economic circumstances, market fluctuations and uncertainties, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the investment industry and junior capital markets. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.