Touring LEEF Labs' Extraction Facility
LEEF Brands is a scaled, vertically integrated operator in the world’s largest cannabis market. California is a dominant force in cannabis. With $4.6 billion in sales in the last year, California represents about 15% of the $30 billion US industry. It’s not only the leader in size, but also in quality and culture. The company is vertically integrated, which enhances margins and provides greater control of the supply chain. Scale and vertical integration are key ingredients to winning in California and LEEF has both. LEEF holds the largest cultivation permit in Santa Barbara County. Salisbury Canyon Ranch is being planted in 2024 and should scale as demand grows. The company also owns and operates the award-winning The Leaf dispensary in Palm Desert. LEEF owns LEEF Labs, which is among California’s largest manufacturing companies. LEEF Labs has three main extraction lines: ethanol, hydrocarbon, and solventless. LEEF Labs powers many of the top concentrate and vapor cartridge brands in California. The brands buy bulk concentrates from LEEF and utilize them in their suite of products. We recently traveled to Mendocino County to tour the state-of-the art extraction facility. It is more than 12,000 square feet, is run by an experienced team, and utilizes the latest extraction technology. The scale and processing power are key advantages we were better able to appreciate in person. LEEF Labs currently produces an estimated 9.72 million grams of distillate per year. Coupling the throughput of LEEF Labs with its cultivation site in Cuyama, CA has the potential to transform the business. Bringing cultivation in-house should enhance margins, improve products, and cement LEEF Brands as the dominant force in producing bulk concentrates. To learn more about LEEF Brands, read our initiation of coverage report and listen to our X Spaces interview with CEO Micah Anderson. Links available in our full report.
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