PALM SPRINGS, CA, Aug. 22, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Today CuraScientific Corp. (the "Company") (OTCPINK: CSTF) announces that the Company has filed its quarterly financials for the period ending June 30, 2023.
William Reed, Chairman & CEO, stated, “Our company has experienced positive growth and a strong direction since the merger in October-2022. We were able to evaluate the company’s old management team and direction and make the necessary changes to improve the revenue model and management. This change and reorganization has resulted in an increase of our revenue for the first six months of 2023 of $800,000. Further, we decreased our convertible debt from $1.2M to $335K. The expansion of our Kava Bar and our Cannabis routes will result in continued revenue growth, while we focus on reducing debt.”
Mr. Reed further stated, “The company’s Palm Desert-Southern California grand opening was earlier this past quarter, and we are preparing to open another Kava Bar in Las Vegas-Nevada this Fall. The company has ear-marked the construction of 30 Kava Bars and retail of kava extract over the next 5 years in value of $150M; while the global kava root extract market is projected to grow from $1.18 billion in 2022 to $3.41 billion by 2029, at a CAGR of 16.29% in forecast period, 2022-2029. Further, we have started to evaluate the massive debt created by the previous management and will remove this debt related to the previous management’s legacy product, “BIODOX”.
The Company’s revenues were approximately $441K for the three months ended June 30, 2023 as compared to $9K for the three months ended June 30, 2022; an increase of 49X. The company reduced convertible notes from $1.2M for the period ending June 30, 2022 to $335K for this period ending June 30, 2023; a reduction of $914K. Total liabilities were reduced from $1.86M for the period ending June 30, 2022 to $1.47M for this period ending June 30, 2023, a decrease of $390K.
ABOUT CURASCIENTIFIC CORP.: CuraScientific is an alternative lifestyle company that owns and operates Cal Care Grp, Inc.; a multi-location licensed company for distribution, manufacturing and delivery of cannabis that offers innovative products to the discerning, high-end customer market, producing a full suite of premium, artisanal cannabis products sold under its consumer brands, ‘JW Brands’ and ‘Chad Enterprises'. Cal Care Grp is a vertically-integrated cannabis company that applies pharmaceutical industry standards to developing, cultivating, producing, and dispensing medical cannabis and medical cannabis products in California. The company owns Kava Bars under its brand name RZDxWLVS, Inc. (Raised by Wolves) with multi-location kava bars in Palm Desert, California and the Las Vegas, Nevada location scheduled for the Fall-2023.
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company's ability to effectively execute its business plans; unforeseen construction delays; the Company's need for additional capital; changes in general economic and financial market conditions; changes in the competitive environment; litigation; losses, customer bankruptcy, claims and assessments; and regulatory or legislative requirements affecting the Company's business. Management may elect to update forward-looking statements at some future point; however, it specifically disclaims any obligation to do so.
Contact:
William Reed, Chairman and CEO
51544 Cesar Chavez St.
Suite 1J
Coachella, CA 92236-1507
Curascientificcorp.com
(909) 435-1642
info@curascientificcorp.com
Source: Curascientific Corp.
