Point Roberts WA, Delta BC
-- September 9, 2019 -- InvestorsHub 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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