Trees Corporation (NEO:TREE.AQN) announced that it recorded system-wide sales of $1.2 million in June, which represents a roughly 20% increase in monthly same-store sales since the beginning of the year.
"Robust sales growth has exceeded our expectations in the second quarter of 2022 and we are encouraged to see a continuing trend as we move through the early weeks of summer,” CEO Michael Klein said in a statement.
“Trees is committed to best-in-class customer service, coupled with educational content and an expansive product selection that meets the needs of our consumers across a very diverse range of need states."
READ: Trees Corporation acquires Burlington, Ontario’s Camp Cannabis
The company noted in particular that the drive-through convenience of its Dundas St. West in Etobicoke, Toronto has driven rapid sales growth.
"No other cannabis retail store in the province provides a more seamless and convenient shopping experience than our Dundas St W location near the Pearson Airport,” CFO Jeff Holmgren said. “Speed of transaction and the convenience of never needing to leave the comfort and safety of your vehicle makes this an ideal location for consumers on the go.”
On June 14, Trees announced the opening of its newest British Columbia location on Alpha Street near the high-traffic tourism district of inner Victoria, its fifth location in the province. Then, last week, it announced the closing of its acquisition of Camp Cannabis in the heart of Burlington at the intersection of Guelph Line and New Street, its eighth location in Ontario.
All told, Trees now has 13 branded locations across Canada and is planning for further growth through both acquisition and organic locations in the months ahead.
Trees Corp is a cannabis company that targets the intersection of community, content and commerce. The company aims to provide a differentiated retail experience, combined with digital platforms cannabisMD.com and askCMD.com that educate and amplify, unlocking emerging consumer segments.
NOTE: A previously incorrect June revenue figure has been changed after Trees issued a correction to its press release Wednesday afternoon
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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