Green Growth Brands Inc OTCMKTS: GGBXF creates remarkable experiences in cannabis and CBD. Led by CEO Peter Horvath and a leadership team of consumer-focused retail experts, the Company’s brands include CAMP, Seventh Sense Botanical Therapy, The+Source, Green Lily, Meri + Jayne, and has a licensing agreement with the Greg Norman Brand. Already boasting the strongest sales per square feet in the cannabis industry, GGB is expanding its cannabis operations throughout the U.S., its CBD presence at ShopSeventhSense.com, in malls across the U.S. and at DSW shoe stores—and that’s just the beginning.
Green Growth Brands Inc OTCMKTS: GGBXF On May 29, 2019 reported its financial results for the third quarter, which ended March 31, 2019.
“This quarter we executed our strategy with speed and agility. We made great progress towards establishing our leadership in the industry, by setting new standards for consumer experiences and product,” said Peter Horvath, CEO of Green Growth Brands. “We launched Seventh Sense, began our unprecedented big-bang expansion into hundreds of prime mall-based CBD shops, and grew performance at our premier dispensary, The+Source Las Vegas, through implementing margin accretive retail practices.
“We completed the Just Healthy transaction allowing us to enter Massachusetts, and we plan to open new dispensaries in Nevada in the remainder of the calendar year,” added Horvath. “As an early-stage company, just over a year-in, when most competitors have been operating for 4-8 years, we are proud of the accomplishments we have made. We will continue to drive towards profitability.”
GGB will host a conference call and audio webcast with Chief Executive Officer, Peter Horvath, and Chief Financial Officer, Brian Logan, at 8:30 AM EDT on Thursday, May 30, 2019.
Third Quarter 2019 Highlights
Revenue for the quarter at our Nevada cannabis operations grew to $5.1 million, driven by the influence of retail best practices
Total revenue, including both MSO and CBD operations was $5.6 million
The+Source is tracking to annualized revenue of $15,000 per selling square foot, one of the strongest reported metrics in both cannabis and retail1
Nevada gross margin was 41%, including the impact of fair value biological assets
Expansion into Massachusetts, through completion of a transaction with Just Healthy LLC (“Just Healthy”), allowing for operation of up to three dispensaries and one cultivation and production facility in Massachusetts. Just Healthy holds provisional certificates of registration for a registered marijuana dispensary in Northampton, Massachusetts, as well as a cultivation and processing site, also located in Northampton.
Official launch of Seventh Sense with more than 100 SKUs, and growing
Opening of Seventh Sense mall-based shops with the first shop in Lexington, Kentucky, 6 shops opened during the period. As of May 28th, 2019, the Company has more than 30 locations.
Launch of Seventh Sense website, ShopSeventhSense.com, allowing for consumers to purchase CBD and personal care and beauty products online
Launch of Seventh Sense products throughout 98 DSW stores in the U.S.
Agreement with Simon Property Group to lease up to 108 mall-based CBD shops in prime locations throughout the U.S.
Launch of CBD eCommerce and our first six mall-based shops
Licensing agreement with Authentic Brands Group to create Greg Norman branded CBD personal care products
Expansion of the Executive team with the addition of Randy Whitaker as Chief Operating Officer. Mr. Whitaker brings significant retail and real estate expertise to the Company.