Cannabis One Holdings Inc (CSE:CBIS) (OTCMKTS:CAAOF) unveiled a new concept on Monday for its flagship dispensary, The Joint, in Denver.
The Joint is an award-winning cannabis dispensary in the state of Colorado, having been ranked the number one state dispensary by leading website Leafly between 2016 and 2018.
Shares of Cannabis One jumped 17.3% on Monday morning to sit at C$1.29.
Effective July 1, the new location will feature new décor with an “upscale vibe” that will serve as a platform for the brand’s new dispensaries, according to Cannabis One. The Denver-based cannabis company plans to expand The Joint retail footprint to 200 locations throughout the US over the next three years.
"The introduction of our new retail concept location signals Cannabis One's tireless pursuit of excellence throughout all facets of operations by improving upon what was already an industry-leading concept,” said Jeffery Mascio, Cannabis One’s CEO.
"Witnessing this tangible result of our commitment to quality is an exciting visualization of what is to come as we continue our progressive state-by-state retail expansion strategy."
The cannabis company said that it anticipates the Denver location to realize annual revenue of around US$8.5 million, achieve average spend per customer figures of US$70 and garner just over US$7,000 per square foot of revenue.
As The Joint grows its retail footprint, Cannabis One said it expects the brand to be established in Colorado, California, Nevada, Washington and Oregon by the end of 2019.
Cannabis One Holdings aggregates popular cannabis brands under the “House of Brands” strategy, which acts as a holding company with a portfolio of products under its umbrella.
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