We have adopted a deliberate and strategic approach to market expansion, focusing on those opportunities that will deliver favorable returns to our shareholders. That means seeking out markets with high barriers to entry and high opportunities for growth.
We look for:
Our New York State operation is one of only ten licensed medical cannabis Registered Organizations in the state. And our Brooklyn location, which opened in late 2018, is one of only three stores serving a city of 2.6 million.
Florida is the fourth largest market for cannabis with approximately 10,000 new patients added each month. We have opened nine dispensaries in the state, including our flagship store in West Palm Beach. We are targeting 17 stores by January 2020 on our way to 35 by year-end 2020, while simultaneously expanding our cultivation and processing operations to keep pace.
In Massachusetts we are in the process of building 41,000-square-foot facility which will accommodate a fully integrated license that includes cultivation, production and a dispensary on 12 acres in the Fall River area. This is in addition to our 30,000-square-foot facility in Holliston.
Ours was only the second cannabis dispensary to open in Boston. It serves a market with 700,000 residents, 150,000 students and 800,000 daily commuters. In 2016 Massachusetts legalized adult cannabis use, and is projected to become one of the largest cannabis markets in the country.
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