Cannabis One Holdings Inc’s (CSE:CBIS) (OTCMKTS:CAAOF) Honu brand of cannabis has experienced major growth in the Pacific Northwest.
The Honu brand’s retail penetration in Washington State has grown to 412 stores as of August, up from 298 stores a year earlier. The retail surge means Honu products are available at 93% of the Washington dispensaries, the company said.
Honu edible products make up 8% of the state’s edible market, and the brand produced 222,301 chocolates in August, 41% more than the 157,414 produced the same month in 2018.
Retail sales for the brand over the last three months reached $1.8 million.
In Oregon, the Honu brand was available in 357 stores and 54% of dispensaries as of August, compared to just 13 a year earlier.
To complement its growth in the Pacific Northwest, Cannabis One said that it has projected the launch date for the Evergreen Organix EGO edibles brand and the Cheech's Private Stash edibles product line for late 2019 or early 2020.
"Our continued focus on licensing cannabis infused product brands to licensed manufacturers and distributors in the established states of Washington and Oregon have started to provide significant returns,” CEO Jeffrey Mascio said in a statement.
“Through our brand licensing arbitrage strategy, the Company will now focus on increasing EBITDA through introducing other established top-tier brands, such as the Evergreen Organix EGO edibles brand, in this opportunistic corridor that is often overlooked by the larger operators and manufacturers in the United States."
Overall, the company expects its Washington and Oregon brands to bring in revenue of up to $24 million in 2020.
Cannabis One is based in Vancouver and Denver.
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