Gage Archives - Green Market Report

Debra BorchardtAugust 24, 2021
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1min9140

Gage Growth Corp. (CSE: GAGE) reported its financial results for the three months ended June 30, 2021. Revenue increased to $26.4 million in the second quarter of 2021, as compared to $17.6 million in the first quarter of 2021, a 49.9% increase. This strong quarter over quarter growth was driven primarily by cultivation capacity expansion, one new dispensary opening and strong same-store growth. The net loss was trimmed to $9.4 million from the first quarter’s $10.8 million.

“In the second quarter of 2021, Gage had a strong performance across all financial and operating metrics,” said Fabian Monaco, CEO of Gage. “We continue to grow rapidly while substantially improving our margins as evidenced by our quarter over quarter gross margin improvement since the fourth quarter of 2020.”

Gage also said that it had an average basket size of $152 in the second quarter of 2021.

The company also said it expects to operate in-house processing asset in the fourth quarter of 2021 leading to further margin expansion

 

 


StaffJuly 21, 2021
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3min9960

Gage Growth Corp. (CSE: GAGE) has added two more provisioning centers (dispensaries) to its portfolio, which will be located in Flint and Burton, Michigan. The company now has 15 provisioning center locations in its retail portfolio.

“These latest additions to Gage’s retail and cultivation portfolios enable the Company to broaden and solidify its position in the Michigan market,” said Fabian Monaco, CEO of Gage. “We look forward to bringing our world-class cannabis experiences to new communities through our increased retail locations. Gage is committed to investing in the communities in which it operates, and we will approach Flint and Burton with the same high level of integrity, focus on diversity, and dedication to offering a variety of quality products to provide the best cannabis experiences to the region’s patients and consumers.”

Gage’s first retail dispensary in Flint will be located at 4174 W. Pierson Rd., a heavily trafficked area accessible to residents in Flushing and downtown Flint. Gage will also open a retail location in Burton, located at 1234 N. Center Rd. Gage’s portfolio includes city and state approvals for 19 “Class C” cultivation licenses, three processing licenses and 15 provisioning centers (dispensaries).

The company also announced it has entered into a contract grow agreement with a third-party Michigan cannabis license holder, adding its eleventh expected Contract Grower to the Company’s portfolio for the 2021 calendar year. The company said it expects to receive the product from the Contract Grower in the fourth quarter of this year in an amount of approximately 250 pounds of dried cannabis per month. As previously disclosed, Gage expects adding several more partners and expanding its total cultivation facilities by year-end to fourteen locations.

Completion of this transaction and the Company’s opening of storefront retail dispensaries in Flint and Burton are subject to state and local regulatory approvals.

 


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