- Record Q2 2021 revenue of $26.4 million , an increase of 130.2% YoY and 49.9% quarter over quarter
- Ended the quarter with over $32.8 million of cash
- Gross margins of 34.2% compared to 26.1% in Q1 2021, sequential quarter growth of 810 basis points
- July average selling price of approximately $5,100 /lb vs. Michigan average of $3,500 /lb – 46% premium
- The state of Michigan posted $171 million of cannabis sales in July, which equates to approximately $2.05 billion when annualized, positioning Michigan as the third largest cannabis market in the United States based on this run-rate
- Nine cultivation facilities in operation today (three Gage operated and six contracted cultivation assets) compared to two cultivation facilities in Q2 2020; the Company expects to expand to 15 cultivation facilities by year end
- Strong average basket size of $152 in the second quarter of 2021
- The Company expects to operate in-house processing asset in the fourth quarter of 2021 leading to further margin expansion
Gage Growth Corp. (“Gage” or the “Company”) (CSE: GAGE), a leading high-quality cannabis premium brand and operator in Michigan today reported its financial results for the three months ended June 30, 2021 . All currency references used in this press release are in U.S. dollars unless otherwise noted.
Financial Highlights for the quarter ended June 30, 2021
| Gross Margin % | 34.2% | 26.1% |
| Adjusted EBITDA | ($1.9) | ($3.8) |
| Cash, End of Period | $32.8 | $43.6 |
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