Gage (CSE: GAGE) (OTC: GAEGF), a leading high-quality craft cannabis brand and operator in Michigan, has reported its second-quarter financial results as well as a business update for the three months ended June 30, 2021. A highlight of the report is the company’s record revenue for the quarter of $26.4 million, an increase of 130.2% year over year and 49.9% quarter over quarter. In addition, Gage reports $32.8 million in cash at quarter end as well as gross margins of 34.2% compared to 26.1% last quarter, representing sequential quarter growth of 810 basis points. Operationally, the company reported nine cultivation facilities currently in operation with plans to have 15 cultivation facilities operating by the end of the year. The company noted that the average basket size for the quarter is $152. According to the company, the state of Michigan saw $171 million of cannabis sales in July 2021; when annualized, that is approximately $2.05, positioning Michigan as the third-largest cannabis market in the United States. “In the second quarter of 2021, Gage had a strong performance across all financial and operating metrics,” said Gage CEO Fabian Monaco in the press release. “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. Demand for Gage’s products and retail experience, along with the Michigan market, is stronger than ever. In fact, the state of Michigan reported $171 million of cannabis sales in the month of July. This establishes Michigan as the third-largest cannabis market in the U.S., and the state may soon surpass Colorado to become the second-largest market at its current growth rate. . . . Overall, we continue to execute on our growth strategy in 2021. We are excited to build on our momentum and are already seeing great performance evidenced by continued expansion of our retail footprint and brand partnership.”
To view the full press release, visit https://ibn.fm/r9Imy
About Gage Growth Corp.
Gage Growth is innovating and curating the highest-quality cannabis experiences possible for cannabis consumers in the state of Michigan and in Canada, bringing internationally renowned brands to market. Through years of progressive industry experience, the company’s founding partners have successfully built and grown operations with federal and state licenses, including cultivation, processing and retail locations. Gage’s portfolio includes city and state approvals for 19 Class C cultivation licenses, 3 processing licenses and 15 provisioning centers, or dispensaries. For more information, visit the company website at www.GageUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to GAGE are available in the company’s newsroom at https://ibn.fm/GAGE
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