Vibe Growth (VIBE) has closed its acquisition of the Desert Organic Solutions Collective dispensary in Palm Springs.
Management deemed Palm Springs a priority expansion jurisdiction due to the Coachella Valley's high public profile, favorable market demographics and strategic location.
Coachella is also part of a crucial corridor connecting Los Angeles and Phoenix, Arizona.
The dispensary is conveniently located 10 minutes North of the Palm Springs city center and just one block off of Interstate 10, the key highway spanning all of Southern California, at an exit that averages daily traffic of 100,000 vehicles per day.
The company will significantly increase both product inventory and product selection emphasizing its Vibe By California and Hype Cannabis brands, which are seeing growing demand at all Vibe locations.
Vibe will also focus on marketing initiatives, including a rewards program and improved product delivery methods, to ensure increasing brand recognition and consumer appreciation.
The location represents Vibe's seventh cannabis dispensary, adding to a portfolio of California locations in Sacramento, Stockton and Redding with new locations opening in Salinas and Ukiah later this year.
Mark Waldron, CEO of Vibe Growth, commented,
"We are excited about the progress and execution of our retail expansion plans and look forward to serving the visitors and residents of Palm Springs. We will continue to be opportunistic with respect to our targeted expansion locations and are now focusing on optimally integrating the new dispensaries."
Vibe Growth is a vertically integrated California cannabis enterprise.
Vibe Growth (VIBE) closed the day down 1.82 per cent trading at $1.08 per share.