A cannabis dispensary is opening its second Kalamazoo location.
Gage Cannabis will open a 4,000-square-foot dispensary on Dec. 17. at 3825 Stadium Drive in Kalamazoo.
A vacant house and a gas station previously stood on the location of the dispensary. Grand Rapids-based Orion Construction demolished both buildings and began building the new the dispensary in June.
The structure of the new building includes a retaining wall on the backside of the building pad, block walls with granite panels, storefront windows with a decorative veneer overhang to enclose the structure, along with additional curb street appeal and landscaping.
The dispensary features a lobby, a waiting area with floor-to-ceiling storefront windows and entry door, a sales room, vault, delivery room, managers/security office, storage rooms and two Americans with Disabilities Act (ADA) compliant restrooms inside.
The cost of the project was not disclosed.
“This location in Kalamazoo was left unattended and had become an eyesore on this heavily traveled thoroughfare in the city,” said Orion Construction President Brad Walsh. “Under Gage’s vision, we transformed a neglected property into a modern, architecturally crafted facility that will serve new and existing clients within the growing cannabis industry and also support economic growth in Kalamazoo.”
Gage Cannabis has 10 retail dispensaries in the state, including in Grand Rapids, Lansing, Traverse City, Bay City, Jackson, Ferndale, Adrian and Burton.
Orion Construction will begin constructing another cannabis store for the Cookies cannabis brand at 4174 W. Pierson Road in Flint at the end of December. The store is scheduled to be completed in five to six months.
The cannabis company reported revenue of $27.2 million in the third quarter of 2021, an increase of 119.6% year-over-year and a 3.2% jump from the last quarter. Its gross profit of $9.9 million was up from $9 million in the second quarter of 2021.
Gage is in discussions with retail operators in Michigan to potentially acquire more than 10 retail locations in the coming months.
The company closed on a senior secured term loan for $55 million, which it plans to use to finance its retail acquisition strategy in Michigan to support future growth, as well as for working capital purposes.
“In the third quarter of 2021, Gage had a record performance across all financial and operating metrics,” said Gage CEO Fabian Monaco. “Overall, we will continue to execute on our growth strategy in the remaining months of 2021 and into 2022. With a strong balance sheet, we are well positioned to execute on our near-term acquisition opportunities that will fuel the overall growth of the company.”