State Sees Third Best Opening Sales Month Ever Among Recreational Cannabis States
TORONTO, March 08, 2023–(BUSINESS WIRE)–Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), is pleased to announce that following the first shipment of products in the State of Missouri earlier this year, on February 3, 2023, recreational sales began in Missouri.
Heritage, through its relationship with Como Health LLC, doing business as 3Fifteen Primo Cannabis (“3Fifteen”), has had product in market since January 2023 at 3Fifteen’s medical dispensaries in Missouri, including 12 stock keeping units (“SKUs”) on shelves with another dozen to be offered by the end of April. Already seeing strong sales on the medical side, Heritage is poised to capture a piece of the newly minted recreational market and see positive cash-flow from sales in Missouri ahead of expectations. And with no further licenses being issued in the state at present Heritage will have a strong position within the market.
According to Benzinga, adult-use cannabis sales in Missouri during the first three days topped US$12.7 million in weed products, out of which $4.2 million was medical marijuana and the remaining $8.5 million (or 67%) went to recreational sales, and with almost U.S.$103 million in sales in the first month, sources say that Missouri had the third best opening sales month among states that have recreational cannabis sales.
“Our U.S. strategy is truly taking shape now and as we see this level of success in our current markets we will continue to look to grow our footprint in a similar capital efficient manner in new states where we can take advantage of further high gross margin revenue streams,” said David Schwede, CEO of Heritage. “We have seen a very strong positive reaction to our market leading products that we’ve launched to date and will be adding another wave of recreational focused products in the coming weeks that will contribute to Heritage being cash flow positive in the U.S..”
Heritage’s U.S. strategy has the Company now operating in two states – Missouri with 12 SKUs and West Virginia with 14 SKUs – with other states on the horizon using its asset-light approach. Products available to purchase in the U.S. include RAD distillate vapes, RAD live resin and live rosin, with additional products in the pipeline including pre-rolls and blunts, infused pre-rolls and blunts as well as concentrate dispensers.
About Heritage Cannabis Holdings Corp.
Heritage Cannabis is a leading cannabis company offering innovative products to both the medical and recreational legal cannabis markets in Canada and the U.S., operating under two licensed manufacturing facilities in Canada. The company has an extensive portfolio of high-quality cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, Thrifty, feelgood., the CB4 suite of medical products in Canada and ArthroCBD in the U.S.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
David Schwede, CEO
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
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