NEW YORK, Dec. 08, 2020 (GLOBE NEWSWIRE) -- via NetworkNewsAudio — Gage Cannabis Co., a leading vertically integrated operator in the cannabis industry, today announces Executive Chairman Bruce Linton, the former CEO and Chairman of Canopy Growth Corp. (WEED, CGC), has been featured in an exclusive audio interview with NetworkNewsWire (“NNW”), a financial news and content distribution company and one of 50+ brands in the InvestorBrandNetwork (“IBN”). During the interview, Linton provided an update on the company’s recent milestones, its record-breaking cannabis sales in Michigan, and its near-term goals, including an IPO planned for 2021.
The broadcast can be heard at The NetworkNewsAudio Interviews Podcast
After offering some insight into his decision process to join Gage Cannabis in 2019, Linton noted that the company’s future in Michigan, one of the fastest-growing legal cannabis markets in the U.S., appears extremely bright. Sales boomed during the COVID-19 lockdown period, nearly doubling to $11.9 million in Q2 from $5.8 million in Q1. The trend is expected to continue, with management forecasting sales to surpass $13.1 million by the end of Q3 – an increase of over 157% from January to September 2020.
“Those were a terrible first three months for the cannabis sector, with everything falling like a rock, like everything else,” Linton recalled. Once the state of Michigan declared cannabis dispensaries an essential service, permitting companies to operate and provide curbside order pickup, business at Gage Cannabis continued to steadily grow. “Any state that didn’t take that approach was really outdated. And then they had to get creative since you couldn’t go into the store; you had to do curbside pickup with cannabis. That brought a whole new level of interaction that was very interesting.”
Revenue projections by Michigan state budget planners suggest that the recreational market will be worth nearly $1 billion in fiscal 2021, with the potential to increase to $1.5 billion by 2023.
“We found that Michigan is doing more than $100 million a month in cannabis, so the medical and recreational opportunity is there to take a bigger market share. We have good locations with great products, so we’ll continue that climb,” Linton said. “We’re not trying to start a system where the disadvantage goes to the investor. We’re trying to create a system where we create a value gap and reward our investors.”
Looking ahead to the balance of 2020 and beyond, Linton said Gage Cannabis is focused on raising capital to continue its vertical growth plans. The company is currently planning a Canadian listing for the first quarter of 2021 and has launched a Regulation A, Tier 2, equity financing.
“So what we’ve seen is an evolution with people running away from the cannabis market in the first quarter of 2020 to people running to the market as we finish the year,” Linton said.
Please listen to the full interview with Gage Cannabis Co. Executive Chairman Bruce Linton, at https://nnw.fm/zfJK6
About Gage Cannabis Co.
Gage Cannabis Co. is innovating and curating the highest quality cannabis experiences possible for cannabis consumers in the state of Michigan and bringing internationally renowned brands to market. Through years of progressive industry experience, the firm'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, three processing licenses and 13 provisioning centers (dispensaries). For more information, visit the company’s website at www.GageUsa.com.
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Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
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