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Saturday, June 3, 2023

The Reef is growing its cannabis business while medical marijuana sales in Detroit are fading

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The Reef has “loyal patients” and has boosted deals and brought in more sellers to showcase products.

But Team Reeve isn’t waiting for change either. It opened a second location in September in Muskegon Heights, where it can sell recreational products. Sales were growing steadily there, about 10 percent a month.

The Reef is also shifting its business model from just retail to vertical integration, which means it will grow, process and sell its own product.

Hassan said, “…so we don’t depend too much on what happens in the market, we can supply our own stores if things happen where there is a shortage of stock.” “We just want to put ourselves in a place where we can supply our own stores.”

The company began commissioning its new 27,000-square-foot farming facility Thursday in Warren in an effort Hassan said would cost “about $2.5 million.” The Reef plans to grow its own unique strains for its production line, which won’t run out for months because they have to plant the flower first. Hassan said the company hopes to sell 50 percent of its products and 50 percent of others for three to five years.

The company has other stores it plans to open, but mostly Hassan hasn’t talked about them yet.

One of the things he discussed was a change of direction for The Reef’s Detroit expansion plans – although they are on hold until recreational sales are legal in the city.

In 2018, The Reef was in the process of acquiring an off-the-ground dispensary in a historic building in southwest Detroit. plans, like Detailed by Detroit News At the time, an elegant hinge with bookshelves, a winding staircase and a piano in the corner was on display.

Hassan said the city denied resuming zoning for the reefs and that plan was scrapped.

The new target is a spot of Ralph C. Wilson Jr. Centennial Park chart On the western riverfront of the city It is expected to start this year.

“We are waiting for that to open,” Hassan said. “It’s only with sales down in the medical field, you know, that we don’t think we’ll be in a position to make enough sales to cover our overheads, and we strongly believe that entertainment will make this destination hot.”

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