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Heritage Cannabis Provides Update on Missouri Recreational Launch
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Heritage Cannabis Holdings Corp. (OTCQX: HERTF) announced strong sales results following the launch of recreational cannabis in Missouri on February 3, 2023. The company, through its partnership with Como Health LLC, has already established a presence with medical dispensaries, recording $12.7 million in sales during the first three days of recreational sales. Missouri achieved nearly $103 million in cannabis sales in the first month, marking the third-best opening month among recreational cannabis states. Heritage plans to expand its product offerings and maintain a positive cash flow in the U.S., operating in both Missouri and West Virginia.
Positive
Heritage has captured significant market share in Missouri's newly formed recreational cannabis market.
The company reported strong sales, reaching $12.7 million in the first three days and nearly $103 million in the first month.
Heritage is positioned to be cash flow positive in the U.S. with an expansion of their product line.
Negative
None.
State Sees Third Best Opening Sales Month Ever Among Recreational Cannabis States
TORONTO--(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”
David Schwede, CEO
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
