Heritage’s second US state begins sales with full revenue increases in Missouri and West Virginia in 2023
Toronto, January 4, 2023– (working wire) – Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX: HERTF) (“Heritage” or the “Company”) is pleased to announce that it has completed the first production and shipment of products to dispensaries in Missouri. This marked the beginning of sales of Heritage products in the second state in the United States, with products now available in both Missouri and West Virginia. Products available for purchase in the US include Vapes distillate, RAD live resin, and live rosin, with additional products in the pipeline including pre-rolls, blunt-rolls, and pre-rolls, as well as concentrate dispensers.
This is the second milestone in Heritage’s US strategic plan, and with further expansion into additional states on the horizon, we’re poised to capture market share with our well-established brands and formulations. Heritage began operations in Missouri through a relationship with Como Health LLC, doing business as 3Fifteen Primo Cannabis (“3Fifteen”). 3Fifteen, a fast-growing cannabis company with five operating dispensaries, received approval to operate from the Missouri Division of Medical Marijuana Regulation, and began production on vape products and concentrates in the state soon after.
“With the recent successful legalization of cannabis in Missouri, we are thrilled to be at the forefront of products on shelves ready to serve the state’s medical and recreational consumer groups,” said Heritage CEO David Schwede. “Our strategy in the US adds a high margin revenue stream to the business using an asset-light approach in partnership with existing local licensees. As a market leader and innovator, we continue to launch new products to capture a significant share of early shelf space in these booming markets.”
On December 8, 2022, recreational cannabis use became officially legal in Missouri, a move that is expected to significantly expand the market. This is in addition to the medical marijuana program that was approved in 2018. With the legalization going into effect, MJBizDaily Project sales can reach $550 million in Missouri in the first year of certification and up to $900 million by the fourth year. In comparison, the Canadian cannabis market where Heritage currently operates will be worth $3.4 billion in 2022 according to @MJBizDaily, Which makes Missouri’s market potential about 25% of the entire Canadian market.
About Heritage Cannabis Holdings Corp.
Heritage Cannabis is a leading cannabis company providing innovative products to both the legal, medical and recreational cannabis markets in Canada and the United States, operating under two licensed manufacturing facilities in Canada. The company has a wide range of quality cannabis products under the Purefarma, Pura Vida, RAD, Premium 5, Thrifty and Feelgood brands. and CB4 range of medicinal products in Canada and ArthroCBD in the United States
On behalf of the Board of Directors of HERITAGE CANABIS HOLDINGS CORP.
David Schwede
David Schwede, CEO
The Canadian Stock Exchange has neither approved nor rejected the contents of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230104005556/ar/
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