Cannabis Co. Driven By Stem (STMH) Announces Record Sales, Gross Margin For Q3

Multi-state, vertically integrated cultivation and technology omnichannel cannabis company Stem Holdings, Inc. STMH STEM, doing business as Driven by Stem, reported Monday results for the third fiscal quarter ended June 30, 2021.

Stem reported third quarter record gross sales of $12.4 million and net sales of $10.6 million, up 104% and 103%, respectively, over the prior year’s $6.1 million gross sales and $5.2 million net sales. 

Gross margin improved 7.6% to 41.8%, reflecting improvements in productivity, mix and synergies from the company’s acquisition of Driven Deliveries, Inc.

“I am proud of our results, and of our team which is executing our robust four-point plan for growth,” stated Adam Berk, Chief Executive Officer. “We are building our footprint with a strong ongoing focus on cost reductions, operational excellence, and customer acquisition and retention to drive topline sales and margin improvement as we did this quarter,” he continued. “Most importantly, we are uniquely connecting our brands, products and delivery services with the cannabis community from Farm to Home™ for long-term stability. We expect to achieve longer-term benefits that will build value for our shareholders as we invest in organic and acquisitive growth,” Berk concluded.

Stem is also reporting a 19% increase in total dispensary sales, a significant outperform to market particularly in Oregon, which grew at 7% in the same period. This reflects continuous improvement initiatives and emphasis on customer service.

Stem also expects to launch its first dispensary in Michigan in September 2021, which will be coupled with Bude delivery, as the next step in the company’s “Get Ready” retail expansion strategy.

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