BevCanna's Pure Therapy Reports Record Monthly Revenue
Emerging leader in health and wellness beverages and products, BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) (“BevCanna” or the “Company”) is pleased to announce that its wholly owned direct to consumer e-commerce company, Pure Therapy, has achieved record sales since its acquisition by BevCanna in September 2020.
The direct-to-consumer e-commerce platform has continued its strong 2020 revenue growth into the first quarter of 2021, with extremely positive month-to-date revenues. The Company has continued to invest in strategic new product integration and customer acquisition, with a resulting projected run rate of approximately C$7.68M in revenue and positive EBITDA of C$.37M to date in 2021. The company has also acquired 3,270 new active customers since its acquisition by BevCanna.
“Our goal with the Pure Therapy acquisition was to quickly build a strong recurring revenue stream,” said John Campbell, Chief Strategic Officer for BevCanna. “We’ve stimulated revenue growth by adding new products, investing in customer acquisition and retention programs and leveraging the platform's current mix of subscription-based and traditional sales revenue models. We're very pleased with the progress that we've made towards a very strong 2021.”
“We also expect to both receive our Canadian Standard Processing Licence and close our landmark acquisition of Naturo Group, including $37M+ in assets, within the next few weeks,” continued Mr. Campbell. “We’re very excited to realize the diverse revenue streams and significant growth potential that the combination of these milestones represents.”
With respect to the previously announced transaction with Naturo Group, BevCanna announced that both parties are continuing to work together to complete all diligence investigations, have exchanged information and are working to complete all outstanding conditions to closing, certain of which have been satisfied. The transaction is expected to be completed by mid-February, 2021.
The Company intends to provide further updates as additional closing conditions are satisfied.
The coming together of these two emerging industry leaders is expected to create a comprehensive health and wellness beverage and natural products company, with proforma C$55M+ in assets on the balance sheet, and a multi-channel sales and distribution network positioned for robust growth.