StateHouse highlights achievements, planned product launches

StateHouse highlighted key achievements and planned product launches in celebration of its one-year anniversary. The company said, "Over the past year, the Company has utilized the expertise of its veteran staff to make significant advancements in retail, operations and cultivation. The team has utilized their leadership positions at StateHouse to create a culture of continuous improvement at the company, while effectuating efficiencies and cost cutting measures across all departments. By way of example, the combined four companies had approximately 900 employees at the date of the merger and at the end of March 2023 the total employees were approximately 400. While enacting vital cost reductions, the Company never lost sight of its continued commitment to excellence and innovated across several key segments of the industry, including retail, operations and cultivation. At the forefront of those innovations are the Company’s cultivation practices that are based on proven scientific principles and a weekly perpetual crop schedule that, when combined, have resulted in doubled yields. Additionally, StateHouse has achieved higher-quality biomass; validated by seven awards in 2022 including two from the Emerald Cup and two from California State Fair, effectively reducing the need to procure input from outside sources. As a result, when bulk prices rise in California, StateHouse is far less likely to suffer the margin squeeze that brands without cultivation will suffer. In operations, the Company optimized manufacturing processes leading to a significant reduction in cost of goods. In retail, StateHouse introduced the TOPS rewards program, an industry-leading loyalty program that offers 10% cashback on future purchases. As a result, StateHouse’s database has grown to 925,000 customers and nearly 250,000 loyalty members, with further growth expected. Looking ahead, StateHouse plans to expand its collection of product offerings with the introduction of Dime Bag DVPs; Which are expected to be available in early May, 2023. The disposable vape pen will include nearly a dozen strains, including Peach Rings, Strawberry Cough, Berries & Cream, Rainbow Kush, Magic Melon and Apple Fritter. Also, StateHouse is developing new products to meet the growing interest in minor cannabinoids. The Company has begun crafting new products featuring THCV in edibles, pre-rolls and beverage."