Kings Garden Announces Expansion via Licensing and Management Deals
Kings Garden, one of the largest and most successful indoor cannabis producers in California, has announced upcoming licensing and management deals in order to capitalize on its rapid growth since launching in 2015.
Co-Founded by Michael King and Charlie Kieley, Kings Garden’s focus on operational excellence and quality has helped log $45 million in revenue in 2019, up 50% from 2018. The company expects to reach between $75 and $80 million in revenue in 2020 and up to $100 million by 2021, with a consistent EBITDA of 20%+, over triple the average of the top five publicly traded companies.
Kings Garden has scaled to an operational footprint of approximately 250,000 sq ft, consisting of indoor cultivation (3,400 flowering lights), manufacturing, processing, and distribution. The company is currently producing around 40,000lbs of indoor flower to support their flower line consisting of 1/8th oz jars, 1/4 oz jars, pre-rolls, and grams.
In addition to the premium flower line, Kings Garden has an ultra-successful connoisseur concentrate line consisting of shatter, budder, sugar, diamonds, and vape pens. In late 2019, Kings Garden launched their medical product line in a partnership with Avicanna to produce the highest quality medical products consisting of capsules, deep tissue gel, localized cream, tincture and spray. Additionally, a transdermal time release patch will be hitting the market at the end of Q2, 2020.
With an annual growth rate of 21%, the cannabis industry has grown to a $23 billion industry ($5 billion in California alone), attracting some of the most prominent investors in the world. Kings Garden has taken advantage of this opportunity by leveraging their experience, focus on compliance, transparency, and quality to become the number one brand in sales for all indoor flower and a top five brand when compared to the much larger greenhouse and outdoor segments.
Co-Founder, CEO and Chairman Michael King explains, “Kings Garden has created an extremely profitable business and loyal following by doing things the right way. We hold just under two dozen licenses in California alone with over 500 retailers in our distribution chain. Our team is comprised of some of the best experts in the industry who are devoted to providing top quality products and best-in-class production facilities.”
Co-Founder and COO Charlie Kieley stated, “Our focus on operational excellence and our state-of-the-art cultivation and manufacturing facilities has resulted in Kings Garden being one of the top brands in California, the most difficult market of all. Now it’s time to explore options for growth in other markets through licensing and management contracts.”
Ivan Talan, Co-Founder and VP of Marketing, stated, “In today’s extremely competitive market it is very difficult to establish a reputation and brand presence due to the restrictions placed on marketing and advertising opportunities in the cannabis industry. Kings Garden is able to provide its customers with the highest quality consistent product at large scale, thus establishing a successful brand identity with strong brand loyalty which continues to gain market share daily.”
Lauri Kibby, Co-Founder and CFO, added, “In a constantly changing regulatory and consumer environment, flexibility without forsaking commitment to profitability has supported the dramatic expansion of Kings Garden.”
About Kings Garden:
Based in Coachella Valley, Kings Garden Inc. is California’s predominant cannabis cultivation, processing and manufacturing company, specializing in the world of premium grade boutique products at an unsurpassed commercial scale. Now one of the largest producers in California, Kings Garden prides itself on having organized highly experienced cannabis management and operations team, while being fully compliant and licensed across the state of California.
From its inception, Kings Garden has held unwavering values focused on superior quality of end products, its team of management and employees who are considered family, giving back to local communities, and the advancement of the cannabis industry as a whole.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200312005814/en/
SOURCE: Kings Garden Inc.
Tommy Kieley, Chief Marketing Officer
Location: Coachella Valley, California
Copyright Business Wire 2020