Hollister Bioscience's Venom Posts Record Monthly Revenue Of CA$3.75M

Hollister Biosciences Inc. HOLL HSTRF reported that its wholly-owned subsidiary, Venom Extracts, has achieved its highest monthly revenue of CA$3.75 million (US$2.8 million) last month.

That's a year-over-year increase of 163%.

According to the latest financial report, the revenue for May is mainly yielded from its product line of cannabis concentrates, P.H.O concentrates and cartridges.

In addition, the company said that released results are unaudited and supported by reports from Venom management.

"We are firing on all cylinders here at Venom," stated Venom Extracts' founder Jake Cohen. "Having our best month ever in terms of revenue and EBITDA speaks to the resilience of our business model in the face of these uncertain times as well as the healthy customer demand for our product line."

Hollister's CEO Carl Saling said they're thrilled with Venom's monthly revenues.

"We are looking forward to replicating Venom's business model in our California facilities and beyond," said Saling.

Hollister closed the CA$20 million purchase of an Arizona-based cannabis extract brand earlier this year.

Venom Extracts reported it has generated over CA$16.4 million in revenue and over CA$2.5 million in EBITDA during the last year.

Meanwhile, the Vancouver-based Hollister announced that it plans to enhance its presence in the medicinal mushroom space.

As stated in its last week's press release, Hollister will utilize its subsidiary AlphaMind Brands Inc. to initiate the production of mushroom-based health products.