Bluma CEO Plans More One Plant Florida Stores Amid 'Unprecedented' Covid Challenges
One Plant Florida (OPF) is aiming to expand in the Sunshine State with the launch of a fifth retail dispensary and delivery hub in Ocala.
And more stores are on the way.
"The company also plans to open four additional One Plant Florida retail locations and/or delivery hubs in Avon Park, Orlando (Fern Park), North Miami and Bonita Springs by the end of 2020, pending receipt of all required regulatory approvals from the Florida OMMU," Brady Cobb, CEO of OPF's parent company Bluma Wellness Inc. (CSE:BWEL), told Benzinga.
The ribbon-cutting event at the Ocala store — located at 811 NE 36th Avenue — is scheduled for Friday, Sept. 25.
Alleaves Platform To Improve Customer Experience
The news comes on the heels of the company's appointing of Ryan Martin, a seasoned consumer packaged goods and sales expert, as chief commercial officer. It also coincides with the introduction of Alleaves, a proprietary e-commerce and seed-to-sale tracking system.
The new platform was launched in collaboration with Next Choice Advisors.
OPF managed to "decrease order processing and fulfillment times by 30% and increase its average order price — allowing qualified patients to better manage their orders," Cobb said.
Besides improving the customer experience, the new platform bolsters margins and is expected to eventually "foster our continued expansion without a corresponding increase in resources," he added. Alleaves should allow OPF to "scale responsibly, stay nimble, and respond to compliance and regulatory changes within the industry."
Revenue Growth From A Supply Ramp-Up Plan
Between July and August, the Toronto-based company saw a 76% increase in revenue.
The steady revenue growth was partially attributed to its new cultivation, harvest, and processing operations in Indiantown, Florida.
Cobb highlighted that the company has harvested over 400 pounds of dried flower from each of their eight 5,000 square-foot rooms over their first three harvests.
Initially, expectations were to achieve 300 pounds per room.
When it comes to the scaling up of processing capacities — including dry cure, trim, and packaging facilities — the company intends to build up a new facility consisting of state of the art processing and lab facilities, Cobb explained.
The construction of an additional 35,000 square-feet of indoor cultivation is also being planned, continued Cobb. Expansions would be funded via equity provider Advanced Flower Capital.
Business Growth Amid Pandemic
According to its recent earnings update, Bluma witnessed a 190% increase in revenue in the second quarter of this year, generating $2.12 million.
Cobb pointed out that the company "experienced a steady revenue growth" since the onset of the COVID-19 pandemic, "which has shown to be a true testament to the quality of our flower and flower-derived products as well as our innovative home delivery and curbside pickup options."
"I am very proud of how this team has navigated the unprecedented challenges (and opportunities) that were presented by the COVID-19 pandemic," concluded Cobb.
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