Vibe Bioscience Inks Lease Deal For Fourth California Retail Location
Vertically integrated cannabis company Vibe Bioscience Ltd. (CSE:VIBE) inked a triple net lease deal for a Ukiah, California-based commercial property.
The agreement provides the Sacramento-based company with an option to purchase the property.
It will be Vibe's fourth retail location in the state, the company said Monday.
Vibe CEO Mark Waldron "looks forward to working with the City of Ukiah" to obtain the regulatory approvals for the store opening.
The new cannabis store will serve more than 87,000 residents of the greater Ukiah area.
"We are excited to continue to expand our footprint in California, offering us the opportunity to share Vibe By California's unmatched experience and high-quality Hype Cannabis Co. product line with the residents of Ukiah and Mendocino County," continued Waldron.
The Sacramento-based cannabis retailer showed substantial growth during the first quarter of fiscal 2020, which can be attributed to increased year-over-year sales volumes coming from its dispensaries in California.
Moreover, during 2020, Vibe has set new retail sales records at its stores in Sacramento, Stockton, and Redding, the company noted.
According to the latest earnings report, the company saw a 225% year-over-year jump in revenue and a significant drop in net loss, which amounted to $220,000 in the first quarter of this year.
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