Continuing to build on the momentum that ShinyBud Corp. has been building of late, the company recently announced increased cannabis sales for the second-quarter.
ShinyBud, one of Ontario’s largest cannabis retailers, operating 43 strategically-located storefronts throughout the province, reported a second consecutive quarter of record-setting sales, which are represented by a 7% increase to $12.7 million.
They are incredible results for any business operating today given the turbulence and uncertainty that continues to plague the retail industry. But, for the cannabis retailer seeking to solidify its standing and stature in Ontario, it’s an achievement of remarkable merit – one that’s not lost on Kevin Reed, Chairman and Chief Executive Officer at ShinyBud.
“Another consecutive quarter of steady sales growth in a challenging retail cannabis market demonstrates the strength of ShinyBud’s cannabis store portfolio and the value our experienced operating team brings to the business,” he says.
Growth and Expansion
What’s even more impressive about ShinyBud’s string of positive results, notes the company, is the fact that much of the increased sales and strong performance from the first two quarters were primarily driven by same store growth, as corporate store count increased by only a single location during the period.
ShinyBud, which claims to be on a “mission to help people Never Settle, Live Fully”, recently widened its scope and retail strategy to reach beyond traditional adult-use cannabis by establishing mīhī Health & Wellness – a new line of business that’s aimed at developing a network of community pharmacies across Ontario. Combined with its focus to serve areas throughout the province that have not yet been subject to market saturation, the company continues to seek ways by which to stand out from the crowd and capitalize on unique growth opportunities.
In addition to the company’s recent successes, and as a means to support its initiatives and execute on its objectives, ShinyBud has assembled a board and management team that possesses extensive retail operating experience, aiding it well in its pursuits to continue expanding in Ontario and beyond. And, given the fact that the second-quarter performance posted by ShinyBud comes just shortly after the cannabis purveyor became a consolidated public company, Reed believes that current circumstances bode well for the company heading into the final two quarters of the year.
“With only two quarters as a fully consolidated company under our belt, we plan to continue leveraging our retail know-how to profitably operate our existing network of cannabis stores, which are strategically located in markets across Ontario less saturated with cannabis retailers.”