4,600 square foot retail storefront generated approximately $5.5 million in medicinal retail cannabis sales in 2021 with potential to double under adult-use
BOCA RATON, Fla., Jan. 19, 2022 (GLOBE NEWSWIRE) — Stem Holdings, Inc. (OTCQX: STMH) (CSE: STEM) (the “Company” or “Stem”), a vertically integrated cannabis operator, today announced being granted an adult-use license for its existing Foothills Health & Wellness 4,600 square foot retail storefront in Sacramento, California. In 2021, this location generated approximately $5.5 million in medicinal retail cannabis sales. Management believes it possible to double annualized sales at this location under adult-use.
Steve Hubbard, Interim CEO of Stem, commented, “While most of our resources will focus on our vertically integrated operations in Oregon, our Foothills Health & Wellness retail location in Sacramento, California has been our best performing dispensary. In 2021 we generated approximately $5.5 million in medicinal sales. Now that we are approved for adult-use we will attempt to double sales at this location. Consistent with our ‘Back to Our Roots’ strategy going forward, we will focus all of our resources on operations that have historically performed well and can generate cash for the business going forward.”
About Stem Holdings, Inc.
Stem is a multi-state, vertically integrated, cannabis company that, through its subsidiaries and its investments, is engaged in the cultivation, processing, packaging, distribution and branding of cannabis, hemp and their derivatives, including oils, edibles, concentrates. Stem holds licenses in the adult use and/or medical cannabis marketplace in the states of Oregon, Nevada, California, and Massachusetts. Stem has ownership interests in 29 state issued cannabis licenses including nine (9) licenses for cannabis cultivation, three (3) licenses for cannabis processing, two (2) licenses for cannabis wholesale distribution, three (3) licenses for hemp production and seven (7) cannabis dispensary licenses.
Forward-Looking Statements
This news release contains forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements are statements and information that are not historical facts but instead include financial projections and estimates, statements regarding plans, goals, objectives, intentions and expectations with respect to the future business, operations, expected financial position as a result of the divestiture of Driven Deliveries, and phrases containing words such as “ongoing”, “estimates”, “expects”, or the negative thereof or any other variations thereon or comparable terminology referring to future events or results, or that events or conditions “will”, “may”, “could”, or “should” occur or be achieved, or comparable terminology referring to future events or results. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the development of the industry and the duration and scope of the COVID-19 outbreak worldwide, including the impact to state and local economies. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
+1 212.896.1254
valter@kcsa.com
