Stem Holdings, Inc. (OTCQX: STMH) (CSE: STEM) (the “Company” or “Stem”), a vertically integrated cannabis operator, today announced being granted an adult-use license for its existing Foothills Health & Wellness 4,600 square foot retail storefront in Sacramento, California. In 2021, this location generated approximately $5.5 million in medicinal retail cannabis sales. Management believes it possible to double annualized sales at this location under adult-use.
Steve Hubbard, Interim CEO of Stem, commented, “While most of our resources will focus on our vertically integrated operations in Oregon, our Foothills Health & Wellness retail location in Sacramento, California has been our best performing dispensary. In 2021 we generated approximately $5.5 million in medicinal sales. Now that we are approved for adult-use we will attempt to double sales at this location. Consistent with our ‘Back to Our Roots’ strategy going forward, we will focus all of our resources on operations that have historically performed well and can generate cash for the business going forward.”
