Dixie Brands announced significant advances in the Michigan market during 2019, delivering 108 percent sales growth in the fourth quarter.
Dixie Brands (CSE:DIXI.U,OTCQX:DXBRF) announced significant advances in the Michigan market during 2019, delivering 108 percent sales growth and increasing dispensary penetration by 33 percent in the fourth quarter.
As quoted in the press release:
Dixie announced its entry into the Michigan cannabis market via a packaging and supply agreement with Choice Labs in February of 2019. Demonstrating real agility and speed to market capability, Dixie launched its award-winning portfolio of branded products the following month, quadrupling the number of available SKU’s by the end of April in response to positive reaction from both retailers and consumers. Since launching in February of 2019, Dixie has established itself as a powerhouse brand in the state with over 70% dispensary penetration and demand consistently outstripping supply.
Michigan is the second largest medical cannabis market in the country with over 300,000 registered medical cannabis patients driving $30 million in annual retail sales (source: Detroit Free Press, August 19, 2019). With the state’s roll-out of adult-use regulations in December 2019, the Michigan legal cannabis market is expected to grow to an estimated $1.5 billion by the end of 2021 (source: MLive, Michigan’s Recreational Marijuana Industry Poised to Grow Exponentially in 2020, Dec 26, 2019), making it one of the largest and fastest growing cannabis markets in the U.S.