Liberty Health Sciences Inc Expands Footprint In Key Florida Demographic
Liberty Health Sciences Inc (CNSX:LHS) (OTCMKTS:LHSIF) announced material news emanating from the sunshine state this morning. The vertically-integrated cannabis company is already among the leading operators in the potentially lucrative Florida market, and its activities only serve to advance those causes further.
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Specifically, the company announced that it has doubled its cultivation space in Florida, with production commencing at its Liberty Health Sciences 360 Innovation Campus. The expansion will increase its production capacity in the state by an additional 20,000 sq. feet, bringing the total capacity to 41,200 sq. feet.
Although cannabis remains illegal in Florida in most instances, it can be prescribed for specific medicinal purposes by a licensed state physician. And medical cannabis is a red-hot growth industry at the moment. According to the Florida Department of Health Office of Medical Marijuana Use, Florida’s medical marijuana registry hit 6-digits for the first time in April 2018. Just three months later, that number surged to 141,618 patients. Not only are domestic enrollments fueling this growth, but the significant Canadian snowbird contingent provides an ideal demographic for tack-on growth on the medical side—particularly for cases of arthritis and non-acute pain where Canadian cannabis prescriptions are forbidden by customs.
The next phase of Liberty Health’s previously announced retrofit program is scheduled to be completed this November. Once finished, the company will add an additional 80,000 sq. feet—which will result in Liberty having the largest production capacity of any medical marijuana producer in Florida. In total, aggregate production capacity will total approximately 225,000 sq. feet once everything comes online in Q1 2019.
LHS CEO George Scorsis discusses the company’s Florida dispensaries growing at a rate of 3,000 patients a week and the current/future U.S. regulatory environment
Additionally, Liberty Health Sciences the press release also revealed plans to streamline its distribution chain. The company announced intentions to expand its one-day delivery hub services, with delivery turnaround times of 24-hours or less throughout the state. These logistics will be accomplished through the help of new supply chain software, with text messages sent to mobile devices informing customers on the status of their orders. The goal is to improve delivery anticipation and to reduce missed deliveries.
Currently, Liberty Health Sciences is trading higher by $0.02 to $0.84/share (↑2.44%).
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