California-based Canndescent, a luxury cannabis company, just announced plans to expand its operations outside of California with its acquisition agreements in Nevada, Michigan, and Massachusetts.
These acquisitions, totalling $25.8 million in assets and licenses, will allow it to become the first multi-state California-based company.
“We are thrilled to bring Canndescent to the Nevada market to ensure our retail partners and customers have access to uncompromising, high-quality cannabis products. The sale of our premium oils has exceeded expectations in California and we are positive that connoisseurs and new customers alike will appreciate the experience our products deliver,” stated Adrian Sedlin, Canndescent’s CEO.
Canndescent’s entry into the Nevada market gives it access to the state’s estimated 56 million annual tourists from around the world. This will enable the company to market its popular Stylus rechargeable vape pen and ultra-premium oil cartridges.
Canndescent maintains a strong presence in the highly competitive cannabis market in California. The company is hoping to expand to less competitive markets, which has a better price to quality dynamics for its luxury cannabis products.
The new acquisitions will also enable the company to expand operations with its 135,000 square feet in additional production capacity. The company is hoping to generate $75 million in revenues for the new builds. Canndescent also said that it is expecting to further expand its operations in 8 to 12 new markets by the end of 2020.
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.
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