Those long lines outside cannabis shops in West Hollywood in early January aren’t the only indicator of the financial impact of the legalization of recreational cannabis sales.
Captor Capital Corp. today announced that its I-5 Holdings Ltd. has reported that sales and foot traffic were up significantly for the month of January at the MedMen cannabis dispensaries in West Hollywood and Santa Ana.
At the West Hollywood location, which is at 8208 Santa Monica Blvd. near Havenhurst, January revenues were up more than 200% over the month before and almost 500% over January 2017. MedMen had 23,606 customers in January, also up more than 200% over the previous month and almost 350% over January 2017. Sale of recreational cannabis became legal in California on Jan. 1 of this year. Previously MedMen and other shops were only allowed to sell medical cannabis, which required a doctor’s prescription.
At the Santa Ana location in Orange County, revenues were up almost 100% over the previous month and almost 200% over of sales six months earlier (the Santa Ana location opened in June 2017). Customer traffic, at 5,051 people, was up almost 150% compared to the previous month and almost 250% over July 2017.
The Santa Ana location opened for recreational cannabis sales on Jan. 1, becoming the first to do so in Southern California. MedMen’s West Hollywood location along with four other WeHo medical cannabis dispensaries began selling recreational cannabis on Jan. 2, becoming the first to do so in Los Angeles County.
“The popularity of the West Hollywood and Santa Ana dispensaries has been even greater than we had hoped for, both in terms of revenue and foot traffic,” said John MacPhail, CEO of I-5 Holdings. “The fact that the store enjoyed such growth in January is down to more than legalization, it’s also about the popularity of the industry-leading MedMen brand.”
I-5 Holdings Ltd. is a Canadian cannabis company that owns the cannabis dispensaries operated by MedMen, a Los Angeles-based cannabis management services firm founded by Andrew Modlin and Adam Bierman with licensed dispensaries in Beverly Hills, LAX, downtown Los Angeles, Venice, Santa Ana and West Hollywood as well as three locations in New York State and one planned for Las Vegas. It also manages cultivation sites and manufacturing facilities. Captor Capital, a Canadian investment company, announced on Jan. 5 that it had acquired I-5 Holdings “in order to maximize the growth potential of the two I-5 Holdings dispensaries located in the Los Angeles area operating under the MedMen brand.”