- Vibe Growth (VIBE) has expanded its business into the Massachusetts cannabis market
- Page Cultivate LLC, an entity controlled by Vibe, has received Phase 2 approval from the City of Springfield, Massachusetts to build a new cultivation facility
- The 47,000 sq. ft. facility is designed to yield in excess of 14,000 pounds of cannabis flower per year
- Massachusetts has had more than US$400 million in recreational cannabis sales year-to-date with roughly $1 billion expected by year's end
- Vibe Growth Corporation is a vertically integrated cannabis enterprise
- Vibe Growth (VIBE) closed the day trading flat at $0.93 per share
Vibe Growth (VIBE) has expanded its business into the Massachusetts cannabis market.
Page Cultivate LLC, an entity controlled by Vibe, has received Phase 2 approval from the City of Springfield, Massachusetts to build a new state-of-the-art cultivation facility.
As the only successful cultivation applicant, Page will now proceed to Springfield's Phase 2 Host Community Agreement and City Council review process.
The facility, located at 299 Page Boulevard, is designed to yield in excess of 14,000 pounds of cannabis flower per year.
Vibe anticipates construction of the 47,000 sq. ft. facility to begin in the latter half of 2021. Its double-tier design allows for 55,000 sq. ft. of flower canopy, and is led by one of the premiere cannabis architectural and design teams in the United States.
Massachusetts has had year-to-date recreational cannabis sales of more than US$400 million, according to the state's Cannabis Control Commission. The state also has one of the highest flower prices on a $/lbs basis, trailing only Illinois according to industry reports.
Strong growth is expected in the coming years driven by loosening state regulations and increased licensing for dispensaries in underserved communities.
Viridian Capital estimates recreational sales in Massachusetts to be roughly $1 billion this year.
Mark Waldron, Vibe's CEO, commented,
"Our entry into Massachusetts marks a new catalyst driver for Vibe's growth strategy. Expanding our cannabis operations to the East Coast enables Vibe to rapidly build scale in an important, vibrant and maturing adult-use market. We look forward to introducing our own best-in-class Vibe By California and Hype Cannabis Co. brands to the Massachusetts market."
Vibe Growth Corporation is a vertically integrated cannabis enterprise with retail dispensaries, greenhouse cultivation, premium indoor cultivation, commercial distribution, brand sales and marketing, an e-commerce platform and home delivery.
Vibe Growth (VIBE) closed the day trading flat at $0.93 per share.