Stem Holdings Enters Michigan Cannabis Market
Stem Holdings (CSE: STEM) is expanding into the Michigan cannabis market. The company this morning announced that has entered the state via a partnership with Organic Guyz, a Michigan operator.
The arrangement will see the company partner with Organic Guyz for the opening of their newest location, located in Kalamazoo, Michigan. Slated for a June opening, the transaction will also see the introduction of Stem’s delivery platform, Budee, introduced to the state.
The launch of Budee within the state via this dispensary will enable the company to service the entire state of Michigan, with the company simultaneously announcing future plans for expansion in “adjacent markets.” The Kalamazoo location is expected to become a major delivery hub for the company within the state, with the dispensary itself consisting of over 2,500 square feet of space.
“Cannabis sales of $1.2 billion are projected in Michigan next year including both recreational and medical cannabis, and we are uniquely poised to service that market based on our operational experience. Collectively, we are building a new dispensary as the first step in our plan there. Our ability to deliver the customer experience demanded by cannabis connoisseurs will allow us to quickly penetrate the market in Kalamazoo which has just 22 dispensaries and deliver locally and statewide to meet this growing demand with our Budee platform.”
Adam Berk, CEO of Stem Holdings
Financial details of the transaction were not released.
Stem Holdings last traded at $0.55 on the CSE.
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