Welcome to our dedicated page for Cannabist news (Ticker: CBSTF), a resource for investors and traders seeking the latest updates and insights on Cannabist stock.
Cannabist Holdings (CBSTF) delivers cannabis industry innovation through integrated cultivation technologies and compliance-focused operations. This news hub provides investors with essential updates on strategic developments within evolving regulatory frameworks.
Access real-time announcements including earnings reports, partnership agreements, and operational expansions. Our curated collection features regulatory filings, product innovation updates, and market positioning statements directly from corporate sources.
Key coverage areas include:
Financial disclosures: Quarterly results and investment activities
Operational updates: Facility expansions and cultivation advancements
Regulatory compliance: Licensing developments and quality control measures
Strategic partnerships: Technology integrations and distribution alliances
Bookmark this page for streamlined tracking of CBSTF's progress in cannabis product development and market expansion. Regular updates ensure informed decision-making about this dynamic sector participant.
The Cannabist Company (OTCQX: CBSTF) is set to begin adult-use cannabis sales in Ohio on August 6, 2023, at 8 a.m. The company received certificates of operation for eight dual-use licenses, including five dispensary licenses, from the Ohio Division of Cannabis Control. This allows them to sell non-medical cannabis products at their retail locations and through wholesale channels.
The company operates five dispensaries in Ohio, located in Dayton, Logan, Marietta, Monroe, and Warren. They plan to open three additional retail locations and have received site approval for a potential dispensary in central Ohio. The Cannabist Company also has two cultivation and manufacturing facilities in Mt. Orab and Columbus, totaling nearly 120,000 square feet.
Currently, the company offers three brands in Ohio: Classix, Seed and Strain, and Triple Seven. They plan to launch additional house brands in the coming months, pending regulatory approval.
The Cannabist Company (OTCQX: CBSTF) has expanded its partnership with Airo Brands by launching Oria by Airo, a premium line of live resin-infused gummies, in New Jersey. Oria offers six terpene-enhanced formulations, including three with minor cannabinoids. The edibles are designed for fast absorption and increased efficiency, mirroring Airo's vaping experience.
The partnership leverages The Cannabist Company's cultivation and manufacturing capabilities, along with its retail and wholesale channels. This expansion follows successful launches in Delaware and West Virginia, with plans for additional market launches in the coming months, pending regulatory approval.
The Cannabist Company has expanded its partnership with Old Pal, a top-performing lifestyle cannabis brand, into New Jersey and enhanced offerings in Maryland and Virginia. In New Jersey, they've launched Old Pal classic and infused blunts, 2-pack pre-rolls, and the signature 7g Ready to Roll kit. Maryland now offers 14-pk pre-rolls, 1-oz flower, and vape carts, while Virginia has introduced 14g Ready to Roll kits and 2g classic blunts.
The collaboration aims to meet increased demand in growing East Coast markets. Jesse Channon, President of The Cannabist Company, highlighted the success of the partnership and its contribution to overall performance. Rusty Wilenkin, Old Pal's Co-founder and CEO, expressed enthusiasm about the rapid sales and expansion plans. The partnership leverages The Cannabist Company's cultivation and manufacturing capabilities to bring Old Pal's products to new markets.
The Cannabist Company will report its Q2 2024 financial results on August 8, 2024, before U.S. markets open. The results cover the period ending June 30, 2024. Following the release, management will hold a conference call at 8:00 a.m. EST to discuss the financial and operational performance.
Participants can join the call by pre-registering at the provided link, with further instructions available upon registration. The call will also be webcast live on the company's Investor Relations website and accessible for replay approximately two hours after the call, archiving for 30 days.
The Cannabist Company (CBSTF) announces a new partnership with Bloom to launch Bloom's innovative vape products in New Jersey and Virginia. This collaboration marks the 6th and 7th states where Bloom is available. The Cannabist Company will leverage its premium flower and Bloom's award-winning strain formulas to produce Bloom's Classic and Seasonal Live strains for both the Bloom Surf and 510 vape cartridges. These products will be available in New Jersey dispensaries in Q3 2024 and in Virginia dispensaries in Q4 2024, with availability in wholesale channels following the launch. The partnership aims to provide a vaping experience that replicates flower consumption, using Bloom's proprietary hardware technology.
The Cannabist Company announced a corporate restructuring and divestitures in Florida to enhance profitability and streamline operations. The restructuring, expected to save $10 million annually, includes labor and non-labor reductions and exiting the Florida market, which contributed less than 5% of Q1 2024 revenue. The company plans to sell its Florida assets, including 14 retail locations and three cultivation facilities, with $2.75 million already in escrow. CEO David Hart emphasized the company's focus on profitable markets like Virginia and New Jersey, and preparations for adult use transitions in Ohio and Delaware. The restructuring aims to improve margins and generate significant EBITDA improvements, with an anticipated $20 million annualized boost. Cannabist has closed underperforming locations and adjusted operational hours in New York, while opening new locations in Virginia and New Jersey.
The Cannabist Company Holdings has expanded its footprint in Virginia by opening its 11th dispensary, Cannabist Richmond, located at 4320 S Laburnum Ave. This new location aims to serve registered medical patients, offering a variety of cannabis products including flower, pre-rolls, edibles, and concentrates under brands like Classix, gLeaf, Hedy, Press, Triple Seven, and Seed & Strain. The company's proprietary retail technology will enhance the customer experience through educational resources and personalized recommendations. The Cannabist Company operates nearly 148,000 square feet of cultivation and manufacturing capacity in Virginia and maintains a retail presence in several major cities.
The Cannabist Company (CBSTF) lauds President Biden's move to reclassify cannabis from a Schedule I to a Schedule III Controlled Substance. This change, once finalized, will acknowledge the medicinal value of cannabis, making it more accessible and affordable. CEO David Hart highlighted that this will eliminate the burdensome 280E tax code, enabling the company to reinvest in innovation and community benefits. SVP Adam Goers emphasized the potential for enhanced research opportunities and the progression towards full legalization. The company has actively collaborated with the Biden Administration throughout this 20-month process.
The Cannabist Company Holdings Inc. reported its financial and operating results for the first quarter of 2024, showing an improvement in margin basis over the prior quarter. The company aims to build a better business, focusing on improving margins and generating free cash flow. Despite early successes, there is acknowledgment of more work needed for a materially improved financial position by the end of 2024.
Operational highlights include improved gross margins in wholesale and retail segments, strategic brand partnerships to increase manufacturing facility throughput, and new brand launches in various states. Financially, the company ended the quarter with $44.5 million in cash, closed private placement offerings, and managed capital expenditures while divesting its Utah license and retail location.
Overall, The Cannabist Company is optimistic about growth opportunities in key markets and is actively working towards enhancing its financial position for better competition in the industry.
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