- Combined
adult-use and medical cannabis sales in Nevada reached nearly $530 million
in 2018, the first full year of legal recreational sales
- The
company’s acquisition of Vegas Valley Growers North in Las Vegas included
production facilities, four state licenses and popular Nevada vape brand
‘Vegas M Stick’
National cannabis holding company IONIC Brands Corp. (CSE: IONC) (OTC: IONKF), formerly Zara
Resources Inc., recently added to its multistate portfolio of award-winning
cannabis brands with the purchase of Vegas Valley Growers North (“VVG”), a Las
Vegas, Nevada, state-licensed cultivation and manufacturing firm for medical
and recreational cannabis. The vertically-integrated, cash-flow positive
opportunity brings IONIC additional projected 2019 revenue of $6.6 million,
with expected gross profits of $3.1 million and EBITDA of $2 million, the
company stated in a news release (http://ibn.fm/7jcbv).
“The Nevada cannabis market is one of the cornerstone
markets in the U.S. for building cannabis brands,” IONIC Brands Chairman and
CEO John Gorst stated in a news release. “With over 42 million visitors to Las
Vegas per year, the VVG acquisition will provide our Ionic vape and Zoots
edibles brands valuable exposure to national and international cannabis
consumers.”
The VVG acquisition includes a leased 1,700-square-foot
production facility and five state licenses for cultivation and manufacturing
of both medical and recreational cannabis. VVG is also building a
60,000-square-foot manufacturing facility and has plans for a second
80,000-square-foot facility. Distribution licenses for both medicinal and
recreational cannabis products are being processed by state regulators.
Also included in the acquisition was VVG’s popular Nevada
vape brand, ‘Vegas M Stick’, which partners nicely with IONIC Brands’ flagship
recreational branded product – a stylish and sophisticated premium vape pen
line called ‘IONIC’ that has earned customer loyalty and a reputation as a
consistent top 10 vape brand in Washington state.
“IONIC vape pens are the perfect complement to the Vegas M
Stick. Together, these luxury brands are set to have a massive presence in the
Nevada market for years to come,” VVG CEO Mitch Wilson added.
According to the Nevada Department of Taxation, combined
adult-use and medical cannabis sales reached nearly $530 million in 2018 (the
first full year of legal recreational sales) with the state collecting nearly
$70 million in tax revenue. Nevada’s first year with a legal adult-use market
exceeded revenue projections, and the state expects to see continued growth
with revenues remaining strong in 2019, as the tax department detailed in a
news release (http://ibn.fm/8Uztz).
Established in 2015, IONIC Brands has demonstrated its
ability to expand and operate multiple cannabis concentrate consumer brands in
markets across the western United States (http://ibn.fm/ot63a). The company continues to
strategically expand nationwide in an effort to remain a leader of the
highest-value segments in the cannabis market.
For more information, visit the company’s website at www.IONIC.social
NOTE TO INVESTORS: The latest news and updates
relating to IONKF are available in the company’s newsroom at http://ibn.fm/IONKF
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Editor@QualityStocks.com
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