California-based cannabis holding company, Resonate Blends, is valued at a market cap of $16.56 million. Resonate is currently pre-revenue and uses plant-based ingredients such as cannabinoids, terpenes and other herbs with medicinal properties to produce wellness products. But what should cannabis stock investors know about Resonate Blends?
Its first line of products that will be released commercially includes a family of six products called Koan Cordials. These targeted effect blends are water-soluble formulas where each dose can be used as either a shot or can also be mixed in a drink. The initial sales for the line-up were expected to begin in Q2 of 2021. The company seems like it is poised for success. Read on to learn what cannabis stock investors should know about investing in Resonate Blends.
Related: Resonate Blends Executes Binding LOI to Acquire a Wellness Cannabis Brand
Resonate is eyeing expansion in California which is the largest market for recreational cannabis in the U.S. Last year cannabis sales in California surged 57% year over year to $4.4 billion, accounting for 25% of the country’s total marijuana sales.
Resonate Blends: Robust Long-term Growth Potential
Several states in the U.S. have legalized marijuana for recreational and medical use. At the start of 2021, 15 states and three territories legalized the use of both medical and recreational cannabis products.
While it will take these regions a few months to build the required infrastructure and provide licenses to cannabis producers, Resonate Blends can use this opportunity to enter new markets and gain rapid traction over time.
The company is well poised to enter the cannabis market in California given its unique product portfolio and a business model where Resonate will not impacted by innumerable regulatory challenges or supply/demand dynamics.
Resonate has established a multi-channel distribution strategy where Koan products will be sold in boutique dispensaries driving brand awareness among consumers. It expects marketing and customer education programs to drive sales in the second half of 2021. The company is also establishing an online presence and partnered with California’s leading online cannabis store for this very purpose.
Related: Resonate Blends and Vertosa Team on Custom Development Contract
Bottom Line: Resonate Blends – What Cannabis Stocks Investors Should Know
It’s difficult to predict the stock price movement of Resonate Blends given the lack of visibility in terms of revenue and earnings. But the recent wave of legalization and a rapidly expanding addressable market makes it a top stock to buy and hold for investors bullish on the cannabis space.
Resonate Blends: What Cannabis Stocks Investors Should Know
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