CBD Life Sciences said it is in advanced discussions to acquire a strategic minority interest in two state-licensed cannabis dispensaries located in Upstate New York and Long Island.
This acquisition represents a growth milestone for CBD Life Sciences as the company continues to expand its presence in the growing cannabis market. The dispensary in Upstate New York is projected to open its doors by November 1, 2024, with the Long Island location expected to follow in early 2025.
The company's investment in these dispensaries is anticipated to generate significant revenue growth, with projections indicating a potential increase of 20% in annual revenue by the end of the first year of operations.
The acquisition aligns with the company's growth strategy, which focuses on expanding its footprint in key markets, increasing revenue streams, and enhancing profitability. With an anticipated 15% increase in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) following the dispensary openings, the company is well positioned to deliver sustainable returns to its investors.
"Our expansion into the New York cannabis market marks a pivotal moment for CBD Life Sciences, Inc.," said Lisa Nelson, President, and CEO of CBDL. "We are excited about the potential these dispensaries bring, not only in terms of revenue growth but also in solidifying our position as a key player in the cannabis industry. Our commitment to our investors remains our top priority, and we believe this acquisition will drive significant value in the coming years."
