SANTA BARBARA, Calif.,
June 12, 2019 /PRNewswire/
-- Canndescent, California's #1-selling, top shelf
cannabis flower, announced today that it has signed definitive
acquisitions agreements to acquire buildings and operating licenses
in three new markets —Nevada, Michigan and Massachusetts. This makes Canndescent
the first California operator and
brand to start acquiring assets in other markets and move West to
East.
Launched in 2016, Canndescent battle-tested and refined its
brand and operations in California, the most competitive cannabis
market on the planet having over 7,000 cultivation licenses and
only 530 legal retail outlets. Winning in California, the company will now enter less
competitive markets that offer superior price dynamics and lower
baseline levels of product quality.
"Our expansion is a huge win for cannabis consumers as the best
of California cannabis will
finally be available in other markets," said Adrian Sedlin, Canndescent's CEO. "We're sort of
the 'anti-MSO' or as I like to call it, we're an MSBO, Multi-State
Brand Operator, having nailed brand and execution first and now
rolling up assets with intentionality and understanding."
Canndescent is acquiring the licenses and buildings in NV, MI,
and MA and will retrofit them so they are purpose-built to support
Canndescent's proprietary cultivation and extraction methods.
Collectively, the new assets will add 135,000 square feet of
capacity to the company and an estimated $75
million of recurring revenue. The company is acquiring
the assets for a total of $25.8million and will recapture the acquisition
and construction costs through sale-leasebacks. In total,
Canndescent plans to enter eight to 12 U.S. markets by the end of
2020.
About Canndescent
Canndescent empowers adults to turn
down the noise, unlock the moment and transform their lives with
ultra-premium cannabis products. In 2015, Canndescent became the
first cannabis cultivator in the world to abandon traditional
strain names and pioneer effects-based cannabis, selling its
flowers under the names, Calm, Cruise, Create, Connect and Charge.
In 2016, the company opened the first municipally permitted
facility in California; in 2017,
Canndescent became California's
#1-selling flower brand, and in 2018, the company became the
state's #1-selling brand of luxury flower products. Consumers can
purchase select Canndescent products in California and Nevada, as well as online
at www.canndescent.store.com. You can learn more about the
company at www.canndescent.com.
Contact:
Rosie Mattio
1-917-583-6349
rosie@rosiemattiopr.com
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SOURCE Canndescent