MWG Holdings, Award-Winning Cannabis Company, Achieves Positive Cash Flow in 2023; Plans Expansion in 2024

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In 2023, MWG Holdings celebrated a victorious turnaround as the company achieved positive cash flow, in the face of broadly challenging economic conditions.

Metadata
Provider: 
GlobeNewswire, Inc.GlobeNewswire, Inc.
Retrieved on: 
Wednesday, January 10, 2024
Information
Tags: 
Music, Green, Black Friday, Food, Face, Foot, Woodland, California, Suite, Cannabis, Organization, American City Business Journals, MWG, Growth, Drug
Geotags: 
SACRAMENTO, CA, US, SHERIDAN, CALIFORNIA
⚠ partially generated by AI ↴
Organisation: 
MWG, PERFECT UNION, MWG HOLDINGS
Summary
Key Points: 
  • In 2023, MWG Holdings celebrated a victorious turnaround as the company achieved positive cash flow, in the face of broadly challenging economic conditions.
  • Joining MWG in 2022, Sheridan has over a decade of experience and a successful entrepreneurial track record in cannabis.
  • With a driven focus on product quality, service and partnerships, Sheridan quickly restructured the company from the ground up to ensure positive cash flow.
  • The California cannabis market is expected to reach $7.2 billion in 2024, according to an Arcview Group and BDS Analysis report.


SACRAMENTO, CA, Jan. 10, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – MWG Holdings Group, Inc. (“MWG Holdings” or “MWG”), owner and operator of Perfect Union, California's largest wholly-owned cannabis company and leading purpose-driven, locally-focused cannabis company with award-winning roots in the California medical and recreational markets, announced today its 2023 milestones and strategic plans for 2024.

In 2023, MWG Holdings celebrated a victorious turnaround as the company achieved positive cash flow, in the face of broadly challenging economic conditions. It was a successful year for the company as the team focused on vertical integration and strategically placed retail facilities, continuing to grow under the new leadership of CEO Tom Sheridan. Perfect Union's sales hit a year end high in December 2023 with the month generating the company's highest revenue month of the year.

Joining MWG in 2022, Sheridan has over a decade of experience and a successful entrepreneurial track record in cannabis. With a driven focus on product quality, service and partnerships, Sheridan quickly restructured the company from the ground up to ensure positive cash flow. The company continues to drive revenue, emphasizing efficiency and economies of scale.

Based in Sacramento, CA, MWG operates nine dispensaries across California - Perfect Union and Wild Seed Wellness - as well as a 30,000 square-foot premium indoor cultivation and distribution facility. Since January 2023, MWG Holdings’ Perfect Union stores have seen a 3.5% growth in the number of transactions per month and a 3% average growth in revenue per month.

This year, the company also won a highly-sought after cannabis retail license in Woodland, California. Perfect Union Woodland is expected to open in Spring 2024, adding over 20 new jobs to the Woodland community.

Continuing its purpose-driven, locally-focused community efforts in 2023, the company supported organizations such as Thriving Pink, Yolo County Meals on Wheels, the Yolo County Heritage Foundation, the Yolo Conflict Resolution Center, the Woodland Food Closet, the Yolo County Public Defender's Office CARES Program, and the Woodland Recreation Foundation for Field of Dreams.

Operational Highlights for 2023 Included:

  • 2023 marked a new era for MWG Holdings, Inc. under the leadership of newly appointed CEO Tom Sheridan.
  • MWG Holdings, Inc. obtained a new retail license in Woodland, CA. The new 2,695 sq ft foot store, will be located at 1810 E Main Street, Suite 101.
  • In July, Hip hop artist Future launched his cannabis brand with products on shelves at Perfect Union stores in California.
  • In November, MWG brand Blazy launched three new cannabis-infused gummies flavors in Perfect Union stores in California.
  • In November, Perfect Union stores had their highest day of transactions and foot traffic to date on the cannabis industry’s Black Friday, Green Wednesday, Nov. 22.

Key Press Highlights for 2023 Included:

  • Sacramento Business Journal - Cannabis Executive to Watch: Tom Sheridan
  • North Bay Business Journal - North Bay cannabis operators back California bill to allow food, music at dispensaries
  • Herb - Perfect Union Is Your One-Stop Shop For California’s Finest Cannabis Products
  • North Bay Business Journal - North Bay cannabis business leaders reveal their 3 biggest challenges
  • Mugglehead - Hip hop artist Future launches his cannabis brand in Nevada
  • KCRA - Sacramento marijuana dispensaries offering big deals and sales on Green Wednesday
  • Benzinga - Black Friday Goes Green, Elevating Retail From Red To Black With These New Cannabis Products
  • Cannabis Products Insider - MWG Holdings Group launches Blazy Gummies

California is projected to generate $5.9 billion in legal recreational and medical marijuana sales in 2023, MJBiz Factbook estimated. The California cannabis market is expected to reach $7.2 billion in 2024, according to an Arcview Group and BDS Analysis report.

Learn more about MWG Holdings, Inc.’s Perfect Union and Wild Seed Wellness stores at https://www.perfect-union.com/ and wildseedwellness.com.

About MWG Holdings

MWG Holdings Group, Inc. is a purpose-driven, locally-focused cannabis company in the California medical and recreational markets, with a flagship location in Sacramento, California. Founded in 2017 as the pioneering cannabis retail brand originally known as Magnolia Wellness, the brand has offered award-winning and best selling products with a focus on local community building, and giving back to their employees. Today, MWG’s management team leverages over a decade of experience building profitable cannabis businesses, having raised millions in capital and bringing the company to cash flow positivity. The company has obtained scarce retail licenses and navigated local laws and regulations across Northern California and values building social welfare and outreach programs.

MWG owns and operates Perfect Union, a California wholly-owned cannabis company where guests enjoy a family-like atmosphere and wide range of products. Perfect Union boasts a robust portfolio of award-winning cannabis brands throughout its nine retail locations and offers a safe and welcoming environment where patrons can access high-quality products in-store, or via online order and pick up. MWG owns or controls a significant majority of its supply chain, including cultivation, manufacturing and distribution. Learn more at https://www.perfect-union.com/ and wildseedwellness.com.

Public relations contact:
Cassandra Dowell
[email protected]


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