Green Growth Brands Inc (OTCMKTS: GGBXF) has been on the rise in recent days on a steady rise in trading volume and Investors Interest. The move up for Green Growth marks a significant turnaround as the stock has been in very steep decline since January 2018 when it was trading for over $5 USD per share.
Green Growth 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, and 8 Fold. The Company also has a licensing agreement with the Greg Norman™ Brand to develop a line of CBD-infused personal care products designed for active wellness. GGB is expanding its cannabis operations throughout the U.S., via dispensaries in Nevada, Massachusetts and Florida and the largest network of CBD shops in malls across the country and ShopSeventhSense.com.
Peter Horvath CEO of Green Growth Brands Inc (OTCMKTS: GGBXF) (CNSX: GGB) stated “As we approach the holiday shopping season, we are confident in our growth trajectory. We are proud of the topline growth we accomplished in Q1 and are extremely pleased with our current results, which are an indication of future growth. In fact, the four weeks of fiscal November, retail CBD sales were two-thirds of our total CBD sales reported in all of the thirteen weeks of first quarter fiscal 2020, which we are reporting today. This topline growth is reflective of our shift from investing in the foundation of our CBD business to focusing on its execution.
“In a very short-time we have grown a meaningful CBD footprint. We believe our products, network of shops, rapidly growing web business and wholesale relationships position us as a leader in the industry. In the coming quarters we look-forward to reporting similar trends and results for our MSO segment of the business. As we begin to reach scale our consumer and operations expertise will be clearly reflected, not only in the customer experiences we create and the loyalty we drive, but also in our financials as we work towards profitability.”
On November 25 Green Growth reported its results for the thirteen-week period ended September 28, 2019. Revenues for the period totaled $12.7M. MSO revenues for the quarter were $7.6M, a sequential increase of 38% over the prior quarter, primarily driven by the acquisition of The+Source Henderson. The two Nevada-based The+Source dispensaries continue to generate annualized revenue of nearly $15,000 per selling square foot. A best-in-class figure in the cannabis industry and in retail overall.
CBD revenue for the quarter was $5.1 million, a sequential increase of 201% over the prior quarter. Growth was primarily driven by additional mall-based shop openings, growth in wholesale, and increased overall brand awareness. The Company expects to achieve over $10 million in CBD revenues in second quarter fiscal 2020.
On December 19 Green Growth Brands announced its CAMP Animal Face Solventless Rosin received two awards during the week of December 9, 2019. It was recognized as best Indica vape pen cartridge at the Jack Herer Cup Las Vegas and was also recognized as best vape pen cartridge at the High Times Nevada Cup.
CAMP Animal Face is a terpene-rich, premium solventless rosin strain. The flower is cultivated in small batches, picked and trimmed by hand. The pure pressed cannabis is then extracted without the use of solvents for an authentic flavor and a clean experience. The result is a product with all the flavor of flower in the convenience of a cartridge. CAMP is the first brand to introduce a Solventless Rosin Cartridge in Nevada.
“The recognition of CAMP by both the Jack Herer Cup and High Times is a truly meaningful accomplishment. Our Head Processor, Aaron Nino, and his team, along with our cultivation, merchant, and marketing teams, are doing remarkable work to bring innovative product assortments to the industry,” said Randy Whitaker, COO of GGB. “Upon launch, CAMP solventless rosin immediately had commercial success with consumers, and we are really excited that it received the same reception from industry experts. We can’t wait to continue to grow the brand and expand to additional states, starting with Massachusetts this spring.”
Currently trading at a $37mm USD total market valuation Green Growth has fallen a long way since it was trading for over $5 USD per share back in January 2018. Since hitting $0.1792 USD last week Green Growth has been on a steady rise and Investors continue to bid it higher. We will be updating on Green Growth on a daily basis so make sure you are subscribed to microcapdaily.com so you know what is going on with Green Growth.
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Disclosure: we hold no position in Green Growth either long or short and we have not been compensated for this article.