107.9FM NYJ/LA

Translate This Page

Stem Increases Footprint On West Coast With Acquisition Of Artifact Extracts And Two Cannabis Dispensaries

Posted by Nicolas Jose Rodriguez on Tuesday, September 21, 2021 Under: Technical Analysis
© Provided by BenzingaStem Holdings, Inc. (OTCQX: STMH) (CSE: STEM), the first multi-state, vertically integrated Farm-to-Home™ (F2H) cultivation and technology omnichannel cannabis company, announced today that it has acquired Artifact Extracts, a premier cannabis extraction company based in Oregon known for its award-winning concentrates, as well as two dispensaries.

The transaction closed on September 17th. Stem issued 8,209,178 shares of common stock at a deemed aggregate value of US$ 2,925,000.

A Bubbling Market 

The national market for concentrates grew 40% last year as consumers become more comfortable with the intricate process of dabbing, MJBizDaily reported earlier this year.

According to Seattle-based data analytics firm Headset, sales of marijuana concentrates, which deliver a stronger dose of THC than other cannabis products, surged 40.5% last year in California, Colorado, Nevada and Washington.

Total sales of concentrates increased from $567 million in 2019 to $797 million in 2020, reported Headset.

According to Stem, the acquisition of Artifact will allow the company to capture additional market share, expand its presence in the fast-growing concentrates segment and maximize value for all its shareholders.

In addition, the firm seeks to increase its footprint of fully-owned dispensaries on the West Coast.

Launching Budee and More Dispensaries 

Plans include expanding its presence in Oregon by launching Budee (the company’s delivery platform) and opening a dispensary in Salem and in Eugene.

Cannabis sales in Salem/Marion County totaled $73.5 million in 2020, growing 32.4% as compared to the prior year, according to the Portland Business Journal.

Stem seeks to integrate Artifact’s skilled R&D leadership and premier line of concentrates,  including budder, shatter, crumble, rosin, THC A crystals and other popular forms, to reach new markets.

Strategic Highlights 

“As a result of this strategic acquisition, we will benefit from the expertise and broad capabilities that the Artifact team will provide to our existing extraction team,” stated Adam Berk, CEO of Stem.

“Artifact is recognized for the potency and purity of its high-quality line of concentrates that have driven its growth in the Oregon market,” added Berk.

Jesse Johnson, the lead extractor at Artifact, commented, “We have worked with Stem in the past and trust the quality of the cannabis grown in its facilities.

“The synergies of this acquisition will build value for the company as we combine our expertise to launch cutting-edge products, as well as increasing their market penetration with an expanded retail and delivery platform,” Johnson concluded.

In : Technical Analysis 


Tags: stem increases footprint on west coast with acquisition of artifact extracts and two cannabis dispensaries 


HOT 103.1 FM HOUSTON

Instagram





Invest, spend, and earn 2.05% APY*–all through your brokerage account.
Our goal at Robinhood is to democratize finance. This means delivering products that help you do more with your money and improve your life. Today, we're excited to introduce Cash Management, a new feature to give you more flexibility with your brokerage account.
JOIN THE WAITLIST
Flexible Spending
Use your Robinhood debit card anywhere Mastercard® is accepted around the world.
 
Earn 2.05% APY
Your uninvested cash is moved to banks in our program that pay you 2.05% APY*. Like all variable rates, this could go up or down over time.
 
FDIC Insurance
Your cash in the program banks is eligible for up to $1.25 million of FDIC insurance, or up to $250,000 per bank, subject to FDIC rules.
 
75,000+ ATMs
Don't pay fees at any of the 75,000+ ATMs in our network.
JOIN THE WAITLIST

See the source image



For the next two weeks, you can earn increasing levels of Stock-Back™ rewards when you shift your everyday spending to your Stash debit card.* 

Every qualifying swipe over $5 gets you closer to leveling up your Stock-Back rewards. Levels start tomorrow and reset to zero on Monday, November 18.


Follow Us

 

Flag Counter


Flag Counter

Make a free website with Yola