- New dispensaries are located in New Mexico's two most populated cities, Albuquerque & Las Cruces -
- Positions Company to meet increased demand in anticipation of adult-use sales commencing in 2022 -
- New locations will be supplied by Company's newly expanded cultivation site in Gallup, NM -
MINNEAPOLIS, Aug. 19, 2021 /PRNewswire/ -- Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), a physician-led, science-focused cannabis company and IP incubator, today announced that it has officially opened two new Green Goods® cannabis dispensaries in the state of New Mexico, located in Albuquerque and Las Cruces. These openings follow the Company's strategic investments in cultivation operations to prepare for New Mexico's adult-use program, which is expected to begin in the spring of 2022.
"Goodness Growth's expanded vertical integration in New Mexico prepares us for increased demand when the state's cannabis program transitions to an adult-use jurisdiction next year," said Chairman and Chief Executive Officer, Dr. Kyle Kingsley. "These two new dispensaries are our largest locations in the state and are located in New Mexico's most populous cities. Combined with our recent expansion of cultivation capacity, we are well positioned for improved revenue growth and profitability in New Mexico. Our national brand of Green Goods dispensaries is ideally suited for recreational-use markets, and we expect to have four Green Goods branded locations operating in New Mexico when we complete renovations of our other two locations later this year."
The Albuquerque dispensary is in a 1,995-square-foot location, and the Las Cruces location is 2,490-square-feet, making these locations Goodness Growth's largest retail storefronts in the state. The new dispensaries are expected to create as many as 30 new jobs in New Mexico. These dispensaries will offer a wide variety of Vireo Health cannabis products and popular items from other leading New Mexico growers, including an exceptional selection of cannabis flower, concentrates, pre-rolls, edibles, tinctures and topicals. For the full menu at each location please visit the Green Goods New Mexico website.
The Company also announced that its local affiliate, Red Barn Growers, recently completed expansion of a new cultivation site near Gallup, New Mexico, which includes six polycarbonate hoop houses used for year-round cultivation and creates an additional 12,600 square feet of cultivation space. The cultivation expansion will enable the Company to grow the maximum number of plants allowed by the state and will increase the Company's output capacity of cannabis flower by up to eight times beyond previous production levels.
About Goodness Growth Holdings, Inc.
Goodness Growth Holdings, Inc., is a physician-led, science-focused holding company whose mission is to bring the power of plants to the world. The Company's operations consist primarily of its multi-state cannabis company subsidiary, Vireo Health, and its science and intellectual property incubator, Resurgent Biosciences. The Company manufactures proprietary, branded cannabis products in environmentally friendly facilities and state-of-the-art cultivation sites and distributes its products through its growing network of Green Goods® and other retail locations and third-party dispensaries. Its teams of more than 500 employees are focused on the development of differentiated products, driving scientific innovation of plant-based medicines, and developing meaningful intellectual property. Today, the Company is licensed to grow, process, and/or distribute cannabis in eight markets and operates 18 dispensaries across the United States. For more information about Goodness Growth Holdings, please visit www.goodnessgrowth.com.
Contact Information
Investor Inquiries:
Sam Gibbons
Vice President, Investor Relations
samgibbons@goodnessgrowth.com
(612) 314-8995
Media Inquiries:
Albe Zakes
Vice President, Corporate Communications
albezakes@goodnessgrowth.com
(267) 221-4800
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SOURCE Goodness Growth Holdings