Hitting Their Stride
Aug 19, 2019 04:59PM
Developments at Monte Fiore Farms are coming fast and furious.
The company has 512,000 square feet of greenhouses on its 54-acre site, growing 25 different strains, according to Nicholas Perrino, Monte Farms CEO based in Golden, Colorado. “After two years in Colorado water court, we received approval from the state as one of the first marijuana businesses to achieve a decree for the commercial irrigation and manufacturing of marijuana, yielding over 16 million gallons of consumptive use water annually,” Perrino says. “That makes us sustainable and a true agribusiness.”
The now vertically-integrated company launched its first retail location, Provisions Dispensary, in January, and has seen 65 percent or better growth in revenue month over month at the retail location. Edibles manufacturing is done on the farm, he says, and Monte Farms has recently expanded its ice cream production by 500 percent under the brand 3Js Hice Cream.
“That product is exploding across the state right now,” he says. “We are having an overwhelmingly positive response from consumers.” 3Js Hice Cream is in 20 dispensaries now, and will be in another 15-20 in the next few weeks.
Monte Fiore Farms and its principals are also investing in large scale hemp cultivation and processing, he says, with a 400-acre hemp farm featuring 980,000 square feet of greenhouses, and a 25,000 square foot extraction facility being built now. “The hemp development really has changed our business,” he says. “Learning how to grow top shelf flower without using any pesticides has pushed our operations team to perform at the highest level of commercial agriculture,” Perrino says. “Scaling into hemp with our platform is healthy organic growth for our business.”
The group has also released its first line of hemp genetics, selling more than 800 pounds of seeds to be planted in the 2019 farming season across the country. He expects $50 million-plus revenue from that operation by the first quarter of 2020.
They are also working on a single origin line of concentrates. “We are installing about $800,000 worth of processing equipment in our marijuana facility to accommodate the production of our value-based extracts, and plan to release the first line of concentrates in September,” he says.
In parallel with the Colorado expansion, Monte Fiore Farms is building 17 more acres of outdoor and greenhouse cannabis production in Oklahoma, and have applied in both Maryland and Utah to begin operating with local partners in those states.
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