Gage Growth Corp (CSE: GAGE), also known as Gage Cannabis, formally announced this morning that it is to soon commence trading on the Canadian Securities Exchange. The firm is expected to see its public markets debut on April 6, 2021.
In connection with the announcement this morning the company released a brief corporate update. The Michigan-based operator has begun ramping its cultivation efforts in the state as a result of strong demand, with cultivation capacity expected to expand from 400 lbs in November 2020 to that of 5,000 lbs per month by the end of 2021, with several milestones to occur over the coming months. A total of 13 cultivation facilities are expected to be involved by year end, with certain production being conducted on a contract basis.
In terms of its retail footprint, the company currently operates 7 dispensaries in the state, with the firm expecting to add an average of one store per month this year. The firm currently has 12 licenses under ownership, with the firm targeting to open 20 dispensaries by year end (which doesn’t exactly line up with an average of one store per month). Average month sales per dispensary is currently in excess of $1.0 million, which is the firms current target figure.
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Finally, Gage has seen its founders, insiders, directors and officers agree to a voluntary lock-up agreement effective as of March 30, 2021. The lockup represents 67% and 72% of both basic and fully diluted ownership of the company on a voting rights basis.
Gage Cannabis is set to begin trading Tuesday.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
