Fernway Reports 2024 Q3 Results & Planned Entry into Connecticut

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Oct 03, 2024, 08:00 ET

NORTHAMPTON, Mass., Oct. 3, 2024 /PRNewswire/ -- Fernway, the leading Northeastern US cannabis brand, today reported its 2024 Q3 financial results and an update on its planned entry into Connecticut.

For the quarter ended September 30, 2024 (Q3), Fernway generated $11.1M in wholesale revenue and an estimated annualized retail gross merchandise value (GMV) of $95M+. This represents +133% year over year growth. With the US national cannabis market growing at approximately +12% per year according to MJBizDaily, Fernway continues to significantly outperform the national cannabis market.

Fernway's year over year growth has been bolstered by its entry into the New Jersey cannabis market in late 2023 as well as the New York cannabis market in early 2024 through its partnership with UrbanXtracts, a New York based cultivation and manufacturing business.

Fernway signed an agreement to license the distribution of its brand to Rodeo, a Connecticut-based cultivation and manufacturing business, and Fernway expects its products to be available in Connecticut in early 2025. Fernway continues to evaluate distribution agreements in other US states.

Fernway Co-Founders Kit Gallant (CEO) & David Van Vlierbergen (CFO) will be participating in the upcoming Benzinga Capital Conference in Chicago on October 8-9, 2024. Feel free to reach out to Fernway to arrange a meeting.

About Fernway

Fernway, the leading independent cannabis brand in the Northeastern US, believes cannabis makes the good life even better. The brand name is inspired by fernweh – the longing for faraway places. It's at the heart of why we love cannabis. Because life's an adventure, and we want you to savor every moment of it.

Fernway at its core is a brand and product innovation business focused on delighting consumers. The company was founded in 2018, and is available for sale in Massachusetts, New Jersey and New York.

The company's four co-founders continue to lead & manage the business day-to-day: Kit Gallant, David Van Vlierbergen, Liam O'Brien and Kevin Wu.

About UrbanXtracts

urbanXtracts is a leader in New York's regulated cannabis market. Offering cultivation, processing, manufacturing and distribution services, the company is on a mission to establish and maintain a sustainable ecosystem that can support the state's emerging cannabis businesses.

As evidence of its commitment, urbanXtracts revitalized the site of the former Orange County correctional facility – which was originally built as a New York State reform school established in the 1930s by then-First Lady Eleanor Roosevelt.

About Rodeo

Rodeo Cannabis Co. is Connecticut's first operational Social Equity Cultivator, with a 250,000 square foot canopy.

The company has a state-of-the-art manufacturing facility capable of processing flower from its cultivation site and from growers across the state, packaging, and distributing products statewide.

Focused on bringing top industry brands to Connecticut, Rodeo's wholesale products are currently available in every dispensary statewide.

SOURCE Fernway