the company had a stellar 420 holiday and logged revenue of over $505,000 in a single day with average basket size of $171 and 2,956 total transactions.
Gage is approaching an exciting inflection point, which we believe will enable us to extend our strong growth as we look ahead to 2021.” The company said it closed its fiscal year with over $45 million of cash after closing the first tranche of oversubscribed Regulation A, Tier 2, equity financing.
Gage also noted that at this time it has eight cultivation facilities in operation today and is expecting to expand to 13 cultivation facilities by year-end.
Moreover, excluding one particular location situated in a tourist-heavy location that has been significantly impacted by the COVID-19 pandemic, the average monthly revenue for each dispensary was approximately $1.3 million in March 2021.
“We are excited to build on our momentum and are already seeing great performance evidenced by our record monthly revenue in March and seeing the trend continue into April driven by the success of our new store launches and strength of our brand in the market.
Gage said it continues to execute on its retail expansion strategy with the goal of opening 20 or more locations by year end.
Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet.
The Green Market Report focuses on the financial news of the rapidly growing cannabis industry.