Gage Growth Corp. (CSE: GAGE) (d.b.a. Gage Cannabis), a leading high-quality craft cannabis brand and operator in Michigan, has released its Q1 2021 financial and business results. The report included record revenue for the quarter of $17.6 million, an increase of 219.4% year over year, and 67.9% quarter over quarter, as well as gross margins of 26.1% compared to 17.3% in Q4 and sequential quarter growth of 880 basis points. The report noted that the strong quarter-over-quarter growth resulted primary from cultivation capacity expansion and two new dispensary openings. In addition, the company noted that it ended the quarter with more than $43 million in cash. In the report, Gage announced that it has eight cultivation facilities currently in operation compared to two facilities in the same period last year and that it is seeing a strong average basket size of $158 in the first quarter. Gage also announced that it has entered into a strategic outdoor off-take agreement for up to 10,000 pounds of premium Gage and Cookies flower strains and expects to operate in-house processing assets in the Q3 2021 leading to further margin expansion. “After Gage’s tremendous growth this quarter with revenue of $17.6 million, we expect our first half of 2021 revenue to exceed full fiscal year 2020 revenue and more than double the first half of fiscal year 2020,” said Gage CEO Fabian Monaco. “We are rapidly growing as our investments in infrastructure have started to deliver operating leverage and the team continues to meet the evolving needs of our patients, customers and communities. Demand for Gage’s products and retail experience, along with the Michigan market, is extremely strong as cannabis continues to behave like a consumer staple.”
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About Gage Growth Corp.
Gage Growth 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, or dispensaries. For more information, visit the company website at www.GageUSA.com.
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