Sweet Flower Completes First Phase Of California Build-Out

LOS ANGELES, Oct. 6, 2020 /PRNewswire/ -- Sweet Flower, the premier cannabis retail platform in Southern California and largest independent operator in greater Los Angeles, announces the successful completion of the first phase of its retail network build-out in Southern California, the largest cannabis market in the world. 

Since commencing operations in April 2019, Sweet Flower has acquired and been awarded multiple licenses in limited license markets throughout Southern California, has relocated, built out and opened multiple Sweet Flower stores at premium locations in key limited license markets throughout Los Angeles – Melrose, Downtown Los Angeles Arts District, Studio City and Westwood – and has been successful in the most competitive application processes in the country, for prime markets such as Pasadena and Culver City, and expects to open those stores by 2021. Complementing its retail network, Sweet Flower also owns a fully licensed distribution and manufacturing facility in the DTLA Arts District.

Sweet Flower’s 2020 YTD revenues have more than doubled over the same period in 2019, and have grown 47% from Q2 2020 to Q3 2020. This significant growth has been driven by both a substantial increase in in-store traffic and a 650% increase in at-home sales through its own branded delivery service and e-commerce platform. All operational and marketing metrics – customer retention and growth, on-line orders and site traffic, customer reviews and social media engagement – support Sweet Flower’s accelerating sales trajectory and dominant brand and market presence.

Sweet Flower's expects to continue its rapid growth primarily through similar competitive licensing processes in jurisdictions across California, projecting in excess of 25 stores by 2025. Sweet Flower will also launch a selectively curated line of branded cannabis products in 2021.

To date Sweet Flower has raised more than $30 million of equity capital from its founders and a group of sophisticated entrepreneurs and investors who share management's vision to build the premium cannabis retailer in the largest legal cannabis market in the world.

Tim Dodd, Co-Founder and CEO of Sweet Flower, commented, "In a little over a year, by staying lean, focused and disciplined, we have built the best-in-class retail and delivery experience in the largest legal market in the world, with results that speak for themselves. Cannabis at its best is an omni-channel experience, and being able to provide both a premium in-store experience and premium delivery of our full store menu differentiates us from the competition, be they brick and mortar or delivery-only. In response to the onset of the COVID-19 pandemic, we innovated and rapidly scaled our delivery platform; we were among the first to offer curbside pick-up; and we created and launched an offering of needs-based kits; all essential during these difficult times. In parallel, Sweet Flower has become the "go-to" destination for cannabis brands seeking to launch their products in Southern California. It is a tribute to our vision and our team that we have a 100% success rate in highly competitive limited license award processes. I am excited to lead Sweet Flower's continued rapid growth." 

For any investor inquiries, please visit: https://sweetflower.com/investors/

About Sweet Flower: @sweetflowershops

Sweet Flower is the premier cannabis retailer in Southern California, with a mission to set a new standard for modern cannabis retail that is trusted, transparent, inclusive, diverse, and approachable by all. Sweet Flower has been covered by many top tier publications including the LA Times, Forbes, WWD. Sweet Flower actively supports the local, Black and Brown communities which it serves, as well as Black and Brown-owned brands at all its locations – for more information please visit www.sweetflower.com.

This press release contains "forward-looking information" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects the current beliefs of Sweet Flower and is based on information currently available to Sweet Flower and on assumptions that Sweet Flower believes are reasonable. Such forward-looking information contained in this news release represents the expectations of Sweet Flower as of the date of this news release and, accordingly, is subject to change after such date.  However, Sweet Flower expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

SOURCE Sweet Flower

Related Links

https://www.sweetflower.com