Toll Free) or 1-20 (International)Ī live webcast can be accessed via the following link: Ī replay of the webcast will be archived on the Company’s website for one year. Management plans to host a conference call to discuss the financial results on Tuesday, Augat 8:00 a.m. Stem will host a conference call to discuss the financial results on Tuesday, Augat 8:00 am as previously announced. Stem’s products are now sold in over 240 dispensaries outside of Stem branded stores. Stem’s extraction lab which now includes solventless extraction is supporting both Stem’s edibles and concentrates, two sectors that are both growing and margin-accretive. All five Stem cultivation facilities in Oregon are growing core and new genetics to delight customers and build loyalty. Stem also expects to launch its first dispensary in Michigan in September 2021, which will be coupled with Budee™ delivery, as the next step in the Company’s “Get Ready” retail expansion strategy.Īs Stem builds its Farm-to-Home™ infrastructure with vertical integration from cultivation to delivery, the Company has also invested in expanding its canopy for high-quality cannabis growth, particularly at its Mulino, Oregon farm and its newest facility in Springfield, Oregon. It now covers 92% of that state’s population particularly in areas where there is high demand and a low density of dispensaries. In addition, Budee™ continues to increase its penetration of the California delivery market where it originated. The Company expects that Budee™ will expand to cover the majority of Oregon beginning with the Eugene metro in October 2021. A customized app was built from front-to-back for this official launch, and Budee™ is now anchored by Stem’s TJ’s on Powell dispensary servicing the Greater Metro Portland area. This effort dovetailed with the launch of the company’s Budee™ delivery platform in Oregon which occurred on August 9, 2021. This reflects continuous improvement initiatives and emphasis on customer service. Stem is also reporting a 19% increase in total dispensary sales, a significant outperform to market particularly in Oregon which grew at 7% in the same period. We expect to achieve longer-term benefits that will build value for our shareholders as we invest in organic and acquisitive growth,” Berk concluded. “Most importantly, we are uniquely connecting our brands, products and delivery services with the cannabis community from Farm to Home™ for long-term stability. “We are building our footprint with a strong ongoing focus on cost reductions, operational excellence, and customer acquisition and retention to drive topline sales and margin improvement as we did this quarter,” he continued.
“I am proud of our results, and of our team which is executing our robust four-point plan for growth,” stated Adam Berk, Chief Executive Officer. Gross margin improved 7.6% to 41.8%, reflecting improvements in productivity, mix, and synergies from the Company’s acquisition of Driven Deliveries, Inc.
Stem reported third quarter record gross sales of US$12.4 million and net sales of US$10.6 million, a 104% increase and 103% increase, respectively, over the prior year’s US$6.1 million gross sales and US$5.2 million net sales.
16, 2021 (GLOBE NEWSWIRE) - Stem Holdings, Inc. d/b/a Driven by Stem (OTCQX: STMH) (CSE: STEM) (the " Company" or " Stem"), the first multi-state, vertically integrated Farm-to-Home ™ (F2H) cultivation and technology omnichannel cannabis company featuring a proprietary Delivery-as-a-Service (DaaS) marketplace platform, today reported results for the third fiscal quarter ended June 30, 2021. Gross Margin Improved 7.6% Year-over-YearīOCA RATON, Fla., Aug. Net Sales Increase of 103% to US$10.6 Million Year-over-Year Gross Sales Increase of 104% to US$12.4 Million Year-over-Year
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