GLASF - California Cannabis Company Exceeds Sales Expectations Boosts Production To Improve Margins And Enhance Brands | Benzinga
California-based cannabis company Gold Flora (OTC: GRAMF) has reported significant developments in its first-quarter results for 2024. Exceeding sales projections, Gold Flora's retail revenue rose by 6%, while wholesale revenue jumped 72%. The company is ramping up production to address margin pressures and strengthen its proprietary brands.
In a recent equity report, Pablo Zuanic of Zuanic & Associates highlighted the strategic focus on allocating more production to company stores and enhancing the quality of its brands to offer a compelling value proposition to consumers.
Production And Expansion
Gold Flora has tripled its canopy footprint to 107,000 square feet, expected to yield 40,000 pounds of flower annually by September. Currently, the company is processing about 23,400 pounds per year.
New lease agreements will add another 53,000 square feet by next year, pushing total capacity to 160,000 square feet and production to 65,000 pounds annually.
"The rationale of the company’s strategy is based on allocating more own production to company stores, having enough supply to feed new owned stores, and the ...