- Research suggests cannabis sales increased 38% from 2019 to 2020
- Gage expanding into fast-growing Michigan market, now offering recreational marijuana at flagship Ferndale location
- Adult-use cannabis revenues in Michigan projected at $1 billion per year for 2021, surpassing $1.5 billion by 2023
- Quarterly sales nearly doubled to $11.9 million in Q2 2020 from $5.8 million in Q1, expected to surpass $13.1 million in Q3
Recent research published by BDSA (formerly BDS Analytics) suggests that the global cannabis industry continues to grow despite COVID-19, with forecasts predicting that 2020 sales will reach $19.7 billion – an increase of 38% from 2019 (https://ibn.fm/EkGXb). One of Michigan’s fastest-growing cannabis brands, Gage Cannabis has expanded accordingly by offering recreational marijuana at its flagship Ferndale location. Gage is committed to building a solid reputation by providing top-tier cannabis experiences for the rapidly growing Michigan market.
“We have been looking forward to this day since we opened our doors in September 2019,” said Gage Cannabis President and Executive Vice President of Operations Mike Finos. “We are excited to extend the Gage experience to anyone aged 21 and over. Metro Detroit is home to our biggest consumers, and we’re ready to provide the community with quality products and a unique customer experience.”
Recreational use of cannabis in Michigan was first legalized in 2018, and the state has since emerged as one of the fastest-growing legal cannabis markets in the country in terms of consumption. Revenue projections by state budget planners suggest that the recreational marijuana market will be worth nearly $1 billion in fiscal 2021 with the potential to increase to $1.5 billion by 2023 (https://ibn.fm/wjWRx).
“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 Gage Cannabis Executive Chairman Bruce Linton (https://ibn.fm/LLQcw).
Gage produces its own in-house brands in addition to collaborating with several strategic partners and recognized names such as California-based Cookies – an iconic lifestyle brand widely known for its high-end cannabis strains and association with Berner, a rapper from the Bay Area. Sales bloomed during the COVID-19 lockdown period, nearly doubling to $11.9 million in Q2 from $5.8 million in Q1. The trend is expected to continue with management forecasting sales to surpass $13.1 million by the end of Q3 – an increase of over 150% from January to September 2020 (https://ibn.fm/OcXJh). The company is currently planning to go public with a Canadian listing in early 2021 and has launched a Regulation A, Tier 2, equity financing.
To learn more about the company’s Regulation A financing, visit www.GageInvestors.com.
For more information, visit the company’s website at www.GageUSA.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