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Stem Holdings, Inc. (OTCQX: STMH) announced it has received an adult-use license for its 4,600 square foot retail location, Foothills Health & Wellness, in Sacramento, California. This location generated approximately $5.5 million in medicinal cannabis sales in 2021, with management believing sales could potentially double under the new adult-use license. The company plans to focus resources on operations that historically perform well, particularly this dispensary.
Stem Holdings, Inc. (OTCQX: STMH) reported financial results for FY 2021, with revenues reaching $41.8 million, a 155% increase from FY 2020. Net revenue after discounts was $35.8 million, a 156% growth. However, the company faced a $64.6 million net loss, primarily due to a $52.5 million impairment related to divested assets from Driven Deliveries. Adjusted EBITDA loss was $5.8 million. Management aims to enhance operations in Oregon and California, focusing on improving store performance and cultivation yields.
Stem Holdings, Inc. (OTCQX: STMH) celebrates Ellen Deutsch's induction into the Long Island Business Hall of Fame, recognizing her contributions to the cannabis industry. The ceremony, hosted by Long Island Business News on November 9, 2021, highlights her leadership and operational expertise that have significantly influenced the company's growth. Adam Berk, CEO of Stem, commended Deutsch's impact on strategic direction. With over 20 years in senior leadership, her recognition reflects her commitment to excellence and deep connections within the Long Island business community.
Stem Holdings, Inc. has signed a letter of intent to acquire High Country Supply, LLC (Colorado Harvest Company), enhancing its presence in the Colorado cannabis market. This acquisition includes two delivery permits, three dispensaries, and two cultivation facilities. Colorado's market is projected to grow significantly, with CHC expecting over $13 million in revenue for 2021. The merger will integrate CHC's assets into Stem’s proprietary delivery platform, Budee™, driving operational synergies and expanding product offerings.
Stem Holdings, operating as Driven by Stem, has launched the Budee cannabis delivery app on Apple’s App Store in California and Oregon. This app allows customers to easily purchase cannabis products from a wide selection and track their orders directly to their homes. With over 173,000 loyal users, Budee aims to enhance customer experience through unique deals and streamlined interactions. The app's delivery service reaches 92% of California's population, with plans for expansion into new markets in late 2021 and 2022. CEO Adam Berk emphasizes this launch as a crucial step in enhancing their market reach.
Stem Holdings (OTCQX: STMH) has announced a new distribution hub in Mendota, Fresno County, to enhance its Budee™ e-commerce platform services across Northern California. This expansion is projected to reduce operating expenses by up to $1 million over 18 months due to a lower tax rate and increased efficiency. The hub will serve a population of 2.3 million residents and aims for a 60-minute delivery service. CEO Adam Berk emphasized that this initiative will bolster revenue while improving customer service and product variety.
Stem Holdings, Inc. (OTCQX: STMH) announced on September 20, 2021, the acquisition of Artifact Extracts, a leading cannabis extraction company in Oregon, along with two dispensaries. This strategic move aims to enhance Stem's market presence in the rapidly growing concentrates segment, which saw a 40% growth last year. The acquisition increases Stem's West Coast dispensary count to six and facilitates the launch of its proprietary Budee™ delivery platform. The transaction closed on September 17, 2021, with Stem issuing 8.2 million shares at a value of approximately $2.9 million.
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Stem Holdings reported a 104% increase in gross sales to US$12.4 million and a 103% increase in net sales to US$10.6 million for the third quarter ending June 30, 2021, compared to the previous year. Gross margin improved by 7.6% to 41.8%, aided by productivity enhancements post-acquisition of Driven Deliveries. The company also noted a 19% increase in total dispensary sales, outperforming the Oregon market. Additionally, Stem is expanding its Budee™ delivery services in Oregon and plans to open a dispensary in Michigan by September 2021.
Stem Holdings, Inc. d/b/a Driven By Stem (OTCQX: STMH) announces it will report financial results for the fiscal third quarter ending June 30, 2021, on August 16, 2021. The company will host a conference call on August 17, 2021, at 8:00 a.m. EDT to discuss these results. Stem Holdings specializes in omnichannel cannabis products and technology, featuring a proprietary Delivery-as-a-Service marketplace. Its brands include TJ's Gardens™ and Cannavore™.
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