- Gage expanding in Michigan, one of fastest-growing legal cannabis markets in United States
- Adult-use cannabis revenues in Michigan projected at $1 billion per year for 2021, surpassing $1.5 billion by 2023
- Gage currently operates 5 dispensaries, planning to open and operate 8-10 by the end of 2020, with 20+ expected to open by the end of 2021
- YTD revenue estimated at $30+ million, 157% increase from January to September 2020
- Gage planning Canadian listing for Q1 2021
Bruce Linton, a pioneer of the global cannabis industry and current executive chairman of Gage Cannabis Co., has set his sights on Michigan as the next big market for the rapidly growing cannabis industry in the United States. As a leading vertically integrated operator in the industry, Gage has already made significant headway into Michigan and is well-positioned to expand its footprint in record time.
“Michigan is one of the top cannabis markets in the U.S., and I am confident Gage is poised to continue building on its historical execution and fortifying its position as one of the top operators and brands in Michigan, as well as a name consumers look for across the United States,” said Linton in recent statements (https://ibn.fm/XUdw7).
Since the recreational use of cannabis was legalized in 2018, Michigan has emerged as one of the fastest-growing legal cannabis markets in the United States in terms of consumption. State budget planners have projected recreational marijuana to be worth nearly $1 billion per year in fiscal 2021 with revenues eclipsing $1.5 billion by 2023 (https://ibn.fm/36kc5).
“The recreational industry, once fully implemented, will have a significant impact on Michigan’s economy, with hundreds of millions of dollars in tax revenue flowing into state and local governments,” said Michigan Cannabis Industry Association Director Robin Schnedier, who played an active role alongside both public and private interests to write the 2018 voter-passed legalization law.
“We’ve already begun to see waves of hiring by cannabis businesses looking to fill these good-paying jobs, which will have a major impact on communities as these workers have money to spend on goods and services at their local small businesses.”
Gage has already made significant investments in the state, including 8-10 medical or adult-use dispensaries currently open or in the works with at least 10 more planned for 2021. Besides its retail operations, Gage engages in cultivation and processing through 19 Class C cultivation licenses across four cultivation assets and three processing licenses with plans to further expand its cultivation facilities in the future.
Gage is committed to providing an enhanced cannabis experience starting with top-quality plants that are grown indoors, trimmed by hand and hung to dry. Besides flowers, the company’s brand also includes other unique product types that include edibles, hardware, vaping devices and concentrates.
Alongside its own in-house brands, Gage also operates with several strategic and brand partners on an exclusive basis such as Cookies – one of the most iconic cannabis lifestyle brands from Northern California. With delivery services offered within a one-hour radius of its dispensaries, the company’s footprint spans an estimated 90% of Michigan’s population. Dispensaries were among the businesses deemed “essential” during the recent COVID-19 shutdowns, allowing all Gage and Cookies locations to remain open while offering curbside pickup.
Despite the global economic recession, Gage posted impressive financial results for 2020 that included sales of $5.8 million in Q1 which bloomed to $11.9 million by Q2. Management expects the trend to continue with estimates for Q3 surpassing $13.1 million, representing an increase of over 150% in sales from January to September 2020. The company is currently planning a Canadian listing for the first quarter of 2021 (https://ibn.fm/V73dL) and has launched a Regulation A, Tier 2, equity financing.
For more information on Gage Cannabis Co., visit the company’s website at www.GageUSA.com.
To learn more about the company’s Regulation A financing, visit www.GageInvestors.com.
NOTE TO INVESTORS: The latest news and updates relating to Gage Cannabis are available in the company’s newsroom at https://ibn.fm/GAGE
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