A Florida super license provides for unlimited nursery, cultivation, manufacturing, delivery, and 35 retail stores
— CEO of Cannafornia, Paul King, told us earlier today, “Cannafornia has made a name for itself in the most competitive market in the world, California, where there are over 6,000 active licensees, and a long history of illicit growing and selling. Despite all the challenges, Cannafornia has emerged as one of the state’s top producers of greenhouse cannabis, with a brand who’s vibrance has attracted one of the largest followings of any cannabis brand in the world, from the streets to social media and everywhere in between.”
King continued, “Cannafornia has been able to achieve profitability in a tough market where up until January 7th, the Metrc system hasn’t been enforced, allowing for black market operations to continue to thrive while white market suppliers get burdened with taxes.
Despite all the challenges, Cannafornia has stuck to a lean management model where salaries are kept low, stock options are given to all employees, and the team is solely focused on the long term growth and profitability of the company.”
Cannafornia has stayed head-down and focused the past several years to establish itself in the California market. With its track record of success, Cannafornia was able to secure a deal for a Florida super license, allowing the brand to expand to the most important state in the country. With its sunny climate and super license structure, there exists a wonderful opportunity for an operator that is able to execute quickly and efficiently.
King summarized, “The timing of the opportunity is once in a lifetime in Florida, this unique set of circumstances won’t happen again. Over time it will develop and look more like California where the competition is fierce. We’re not scared of that challenge either; we did it before and we’ll do it again. But the time is now; with the knowledge we have, cross that with being a first mover in the Florida market, it’s hard to overstate how special the opportunity is. I’ll never have another one like it in my lifetime, and I’m fine with that, because I’m going to make this one count.”
King explained his funding to date. “We never raised more money than we needed, always keeping share holder dilution in mind. We’ve done a good job of that. Now we’re going out to raise for Florida, and if we’re able
to secure the funds needed, we will be going full speed ahead in Florida.”
King concluded, “I’m happy about the shake up of the market recently. It simply tells the truth and clears the noise. There were too many over hyped Canadian companies. You don’t grow plants in greenhouses in the cold. It’s inefficient. It’s that simple. Thanks to the shake up, which we’ve been eagerly anticipating, those companies can’t afford to make moves in places like Florida, and that leaves few players that have the operational expertise and the fundraising ability to execute. I feel like we’re in a very very good spot to capitalize and that’s exactly what we plan to do in 2020.”
Cannafornia is one of the largest producers of greenhouse (light assisted) cannabis in the state of California. With its own 35,000 sq ft nursery and 145,000 sq ft active cultivation, with a 300,000 sq ft expansion by Q4 2020, Cannafornia develops its own genetics, takes a breed through R+D, and cultivates only the best of the best where only 1 in 10 strains are selected for the market.
Cannafornia is vertically integrated in California, holding 5 distinct types of licenses which include every part of the cannabis process except for retail, which is by design. Aside from being one of the leaders in California, Cannafornia has applied for a lottery license in Illinois and is now raising to close on the Florida license.
Release ID: 88942632