A cannabis operator in the US market announced on Tuesday (August 7) to shareholders it will increase its production capacity of cannabis in the state of Florida.
The company estimates it will increase its production capacity to nearly 225,000 square feet by early 2019 after completing the retrofit program which will add 80,000 square feet of production.
George Scorsis, CEO of Liberty Health said this new expansion, located in Gainesville, is a direct response from the company to the increased demand of medical cannabis in the state.
As part of the expansion, Liberty Health will also set up five new medical centers across the state and announced all of its delivery hub services will have a turnaround of 24 hours or less across the state.
Users of Liberty Health will now get text message alerts when the delivery is near them, similar to modern food delivery apps. Liberty Health says this strategy will keep customers informed, improve on the delivery anticipation and reduce failed deliveries.
The 360 Campus facility from Liberty Health will add the production capacity for the company from a current 21,200 square feet to 41,200.
Florida market gains steam among cannabis operators
The southern state legalized cannabis for medical use in 2017 after a successful vote in the 2016 election ballot. Momentum for a recreational vote for the state is increasing as well.
According to iAnthus Capital Holdings’ (CSE:IAN), another cannabis operator with assets in Florida reported in its first quarter 2018 results $15,783 in revenue, as it was the first quarter the company was available in the state.
The cannabis operator signed leases for a total aggregate retail space of 13,500 square feet across four cities in Florida.
In July, Scythian Biosciences (TSXV:SCYB) revealed its intentions to enter the Florida market as well thanks to the acquisition of CanCure Investments, a company in the process of acquiring a stake in Florida producer 3 Boys Farms.
Scythian’s CEO, Rob Reid, said in the statement he viewed Florida as one of the “largest and fastest growing” medical cannabis market in the US.
The move from Scythian will cause the company to migrate its stock from the TSX Venture Exchange (CSE) into the more US-favorable Canadian Securities Exchange (CSE).
Stock for Liberty Health closed at a price of C$0.85 per share during Tuesday’s s trading session, indicating a 3.66 percent increase in value.
Fellow active Florida operator iAnthus reacted positively today with a 1.98 percent increase in value to its stock, reaching a closing price of C$7.22.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).