FREDERICK, Md. — Green Leaf Medical LLC, a multistate operator of medical cannabis facilities, recently announced 2018 revenue and the release of Series E fundraising.
The company holds cultivation, extraction and retail licenses in Maryland, Pennsylvania, Ohio and Virginia.
The company’s flagship cultivation facility in Frederick generated more than $9 million in sales during its first 11 months of operation, the company reported in a January news release.
Green Leaf has produced and sold nearly 2 million grams of medical cannabis under its “gLeaf” brand.
An expansion of the Frederick facility, which will double capacity, is planned for the first quarter of this year, according to the release.
Maryland’s patient count has increased faster than expected, with more than 70,000 registered patients in the first year. Statewide, retail sales of medical cannabis surpassed $100 million, the company reported.
Green Leaf’s Maryland revenue is expected to exceed
$20 million in 2020.
Green Leaf was awarded one of 25 grower/processor licenses in Pennsylvania. The Pennsylvania facility will be in Saxton, Pa., and the company is building out 100,000 square feet of its 274,000-square-foot facility. Construction is scheduled for completion in February, with cultivation and manufacturing revenue expected to exceed $40 million in 2020.
Green Leaf’s Virginia operations are based in Richmond, where the company is building an 82,000-square-foot, vertically integrated medical cannabis facility.
The company is currently the exclusive provider of medical cannabis products to approximately 1.5 million residents living in 27 counties and six cities.
The company is currently negotiating to acquire additional dispensary assets to expand its retail footprint.
Green Leaf has raised
$23 million since its inception in 2014, and recently released its Series E round of fundraising. The company plans to raise $20 million, which will be used for construction, operations and acquisitions. The raise will help ensure the company meets its 2020 revenue projections of $111 million.
Green Leaf posted positive net operating income of approximately 22 percent in 2018.