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Cannabis Retailer Trees Sets New Record In July With System-Wide Sales Of $1.3M

Trees Corporation TREE has recorded another system-wide sales record in the month of July totaling $1.3 million, a 7% increase over the prior month. The company further expects to report record second-quarter system-wide sales of approximately $3.1 million (a 13% increase over the prior quarter) when it releases its second-quarter results for the period ended June 30, 2022, after the closing of markets on August 15, 2022

Jeff Holmgren, president of Trees stated, “We continue to be encouraged by our robust growth in sales, now setting records in both June and July and for the soon-to-be-released second quarter results. We look forward to continued growth in the months ahead as we remain focused on operational execution and M&A-based growth opportunities.”

Second quarter results: The company’s interim condensed consolidated financial statements and management discussion and analysis for the three and six-month periods ending June 30, 2022, is scheduled to be released following the close of markets on August 15, 2022.

About Trees

Trees is a cannabis company with 13 Trees branded storefronts in Canada, including eight stores owned and operated in Ontario and five stores in BC currently operating as Trees Cannabis stores under a brand license agreement, and pending acquisition subject to the closing of the acquisition of the assets of 101 pursuant to the terms of the third amended and restated asset purchase agreement between Trees and 101 (the “APA”). The closing of the transactions contemplated by the APA is subject to certain conditions precedent, including the receipt of certain licensing approvals and related regulatory consents.

Photo by Giorgio Trovato on Unsplash

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