"BudCars continues to perform, setting records in basically every key metric we track," stated Jimmy Chan, CEO of Sugarmade. "It was a tremendous quarter, with a big jump in customers and regional market share and robust margins on every sale. That paints a very motivating picture as we gear up to significantly expand our service territory, with upcoming expansion into the North Bay and Wine Country areas as well as our upcoming grand opening of BudCars LA."
According to the release, management notes that BudCars growth has continually tracked ahead of expectations. However, the Company believes that geographic expansion is the key to unlocking a further dramatic acceleration in growth. As announced in a recent Letter to Shareholders, the Company is expanding BudCars initially into the North San Francisco Bay Area and the Wine Country Counties. That will be followed by the grand opening of BudCars Los Angeles, which is anticipated to take place in November.
Sugarmade Inc. /zigman2/quotes/205890489/delayed SGMD -6.25% also achieved an additional strategic goal during the quarter by securing rights to a property zoned for cannabis cultivation where it intends to establish a licensed cannabis cultivation facility, which presents the potential to widen profit margins further through vertical supply chain integration and the establishment of a branded line of cannabis products.
Cresco Labs Inc. /zigman2/quotes/200392306/delayed CRLBF +0.43% trumpets itself as one of the largest vertically-integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America.
Employing a consumer-packaged goods approach to cannabis, Cresco's house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi, High Supply, Reserve, Good News and Mindy's Chef Led Artisanal Edibles created by James Beard Award-winning chef Mindy Segal.
Cresco Labs Inc. /zigman2/quotes/200392306/delayed CRLBF +0.43% just announced the approval and the location of its tenth Illinois dispensary in Naperville. The adult-use dispensary is located in one of the busiest shopping areas in Naperville, the 3rd largest city in Illinois with approximately 150,000 residents.
"We have been consistent in choosing locations for our dispensaries in Illinois, focusing on high traffic areas in traditional retail environments. Sunnyside Schaumburg, which is adjacent to Illinois' busiest mall and our new Naperville dispensary, which shares a block with Costco, Walmart, and Starbucks, are great examples of this strategy," said Charlie Bachtell, Cresco Labs' CEO and Co-founder. "Our approach of meeting the consumer where they are and providing a normalized cannabis shopping experience is allowing our dispensaries in Illinois and all Sunnyside stores nationwide to outperform industry averages."
And the stock has been acting well over recent days, up something like 21% in that time.
Cresco Labs Inc. /zigman2/quotes/200392306/delayed CRLBF +0.43% pulled in sales of $130.6M in its last reported quarterly financials, representing top line growth of 226.5%. In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($100.6M against $222.5M, respectively).
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