#Cannabis Companies Winning in Las Vegas - Industry Growth In #Nevada
(OTC: $GOHE) (CSE: $PLTH.C) (OTCQX: $PLNHF) (CSE: $GGB.C) (OTC: $GGBXF) (CSE:
$GTII.C) (OTC: $GTBIF)
Point Roberts, WA
and Delta, BC - September 10, 2019 (Investorideas.com Newswire) Investorideas.com, a leading
investor news resource covering hemp and cannabis stocks releases a snapshot
reporting on the Nevada cannabis market and how specifically, Las Vegas is
drawing in more consumers and driving more businesses.
In recent sector news it’s been reported that Nevada’s
cannabis industry has given more than $100 million in taxes and fees to the
state for the first time since recreational marijuana became legal in 2017.
For the
fiscal year 2019, dispensaries, cultivators, laboratories and producers have
paid over $109 million, according to a September 4, 2019 release from the
Nevada Dispensary Association.
NDA
says that $99.18 million was paid in taxes, up nearly $25 million from 2018.
“These sales and tax figures are a milestone that should
be celebrated by the people of Nevada,” said Riana Durrett of the Dispensary
Association. “It shows that the public and visitors to Las Vegas from around
the nation are becoming more comfortable purchasing cannabis and the industry
is improving its ability to serve the public.”
Las Vegas is also now home to one of the preeminent
cannabis conferences, MJBizCon, which is one of the largest gatherings of cannabis business
professionals. Ranked as the fastest-growing trade show in the United States,
it has grown to over 27,000 attendees since it started in 2012, with an
expected 35,000 attendees for the upcoming show taking place December 11-13,
2019 at the Las Vegas Convention Center in Las Vegas.
Global Payout Inc. (OTC: GOHE) and its wholly owned subsidiary MTrac Tech
Corporation announced that the Company has expanded its Las Vegas
operations office by acquiring office space directly adjacent to the office
MTrac has utilized as the hub for its operational team for more than a year.
The significant
growth surge the Company has experienced this year onboarding and servicing
some of the largest retail and delivery service companies in the cannabis
industry has led the Company to strategically add talented new members to its
operations support team at a steady, yet effective rate over the last several
months. As a result, the Company was thrilled to take advantage of an
opportunity that became available to them to acquire additional office space in
the adjoining unit to their current office.
“Growth is always an
exciting thing to experience as a company,” said Global Payout COO, David
Flores. “The core of our team has been intact since we first began our mission
of cornering the payment processing sector in the cannabis industry over a year
ago, and they have done a phenomenal job managing and contributing to this
impressive influx of business. However, as we continue to expand, and as the
overall demand for our solution continues to push towards new heights, it is
critical that our team is able to successfully meet the needs and demands of a
growing client base to ensure that our pledge for exceptional service is never
compromised. This expansion provides us with much-needed flexibility to
sensibly and efficiently add key members to our operational support staff who
are vital in managing the day-to-day responsibilities involved with running our
business effectively.”
“The location of the
MTrac office is strategic for our headquarters, only a few miles from the
airport, adjacent to the Las Vegas strip and in a prime real estate location
near the new stadium. Recent renovations were done to the building and MTrac
will have a live demo area where clients can come experience the ease of the
system in the coming months.”
Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF), a leading vertically-integrated Nevada
cannabis company, recently announced that it served an average of 2,027 customers
per day in August at an average ticket of $90.25 from the Planet 13 Las Vegas
Cannabis Entertainment Complex.
“The highly
competitive Las Vegas market ‘The SuperStore’ continues to dominate based on
the strength of the customer experience and the unique entertainment it
offers," said Bob Groesbeck, Co-CEO of Planet 13. "Over the rest of
the year we will continue to rollout new and exciting restaurants, stores and
attractions allowing customers to eat, shop, and play all under one cannabis
inspired roof."
The company also recently reported second-quarter revenues of $16.5 million, up
by 275% year-over-year.
Green Growth Brands Inc. (CSE: GGB) (OTC: GGBXF) recently announced the closing of its acquisition of Henderson
Organic Remedies, LLC (The+Source Henderson), which was previously disclosed on
December 14, 2018. The+Source Henderson is the second The+Source dispensary
operated by GGB in greater Las Vegas. The productivity of The+Source Henderson
is similar to that of The+Source Las Vegas.
"The+Source
Henderson has been under our management for the last nine months," said
Peter Horvath, CEO of Green Growth Brands. "In that time, we have grown
revenue, transactions and gross margin by double digits. Our ability to
significantly improve top performing dispensaries, in a market that has seen a
significant uptick in competition, is a testament to our expertise in retail
operations."
The formal
acquisition of the company brings GGB's Las Vegas assets to two The+Source
locations, one production facility, two cultivation facilities and seven
licenses to operate dispensaries awarded by the Nevada Department of Taxation.
Green Thumb Industries Inc. (CSE:GTII) (OTC: GTBIF), a leading national cannabis consumer
packaged goods company and owner of Rise™ and Essence retail stores, recently reported its financial results for the second quarter
ended June 30, 2019.
Second quarter 2019
revenue increased 228% year-over-year to $44.7 million while
quarter-over-quarter revenue increased 60%, a record sequential growth for GTI.
Revenue growth was driven by organic growth across the Company’s consumer
products and retail businesses, strategic acquisitions and increased store
traffic.
“We are pleased to
report another solid quarter of positive yet disciplined momentum with record
revenue and positive adjusted operating EBITDA as our strategic plan delivers
on operating efficiencies from scale. Continued execution of key priorities
such as the closing of Integral Associates, accelerated store openings, and
expanded distribution of our brand portfolio sets us up well for the future,”
said GTI Founder and Chief Executive Officer, Ben Kovler.
“We are deep in the
chapter of maximizing the levers in our business to drive long-term operational
performance that delivers value for our shareholders and the communities in
which we operate,” Kovler continued. “We are focused on optimizing our
wholesale and retail businesses, integrating our acquisitions, and further
strengthening compliance across the organization. We are pleased to see many of
these efforts are already bearing fruit as we head into the second half of 2019
and I want to thank our team for all of their hard work.”
On June 5th,
GTI successfully completed the acquisition of Integral Associates LLC, with
integration efforts and synergies progressing on schedule. The acquisition
added two cultivation and processing facilities in Las Vegas, supporting
expanded wholesale distribution of GTI’s branded products portfolio in Nevada.
Following the closing
of the acquisition of Integral Associates on June 5th, the company’s
co-founders Armen and Alex Yemenidijian joined GTI as President and Director,
respectively. Armen was the co-founder and CEO of Integral Associates, Nevada’s
leading operator and was previously the Chairman of the Board and Chief
Executive Officer of Tropicana Las Vegas Hotel & Casino, Inc. and Chairman
of the Board and Chief Executive Officer of Metro-Goldwyn-Mayer Inc.
Las Vegas has been
well known for its tourism industry and as a greater number of tourists and
locals begin to feel more comfortable with the legal cannabis market, and as
the market evolves and becomes more efficient, the city and state are creating
a huge draw for the cannabis sector. Whether it’s already established MSO’s or
celebrity endorsed businesses such as Mike Tyson’s Ranch, Vegas is now starting to bear the fruits of
a maturing cannabis industry and many are taking note, just waiting to take a
bite.
For investors
following cannabis stocks, Investor Ideas has created a stock directory of publicly
traded CSE, TSX, TSXV, OTC, NASDAQ, NYSE, ASX Marijuana/Hemp Stocks
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