The legalization of marijuana in Canada and part of the United States has opened the floodgates for an industry which is all set to grow substantially over the coming years.
Green Growth Brands Partners With Brookfield Properties
In a new landmark development, marijuana company Green Growth Brands Inc. (CSE:GGB) (OTC:GGBXF), which is based out of Ohio, announced on June 10 that it is going to establish as many as 70 new shops at malls in the United States operated by Brookfield Properties. It is a particularly significant development since Brookfield is currently one of the biggest mall owners in the United States and an association with them is definitely a step in the right direction for Green Growth Brands. The company projects to have a total of 280 new retail locations to be operational by the end of 2019. The shops will primarily sell CBD infused products.
The association with Brookfield Properties is not an entirely new one for Green Growth Brands. The company already operates seven shops in properties owned by Brookfield and this latest deal will further strengthen the association between the two. Currently, the company operates stores under the chain name Seventh Sense and those stores sell products like bath salts and CBD muscle balm among others. However, in its upcoming expansion, the company is going to establish a new retail chain named Green Lily and also expand its offering of CBD infused products.
Why It Such A Big Deal For Green Growth Brands?
The reason why it such a big deal for Green Growth Brands is due to the fact that the CBD market is all set to explode in the years to come and if the company can get a foothold in the market, then it could become a major player in the market eventually. According to research done by a leading marijuana research group, the CBD market could turn into a business worth $22 billion by 2022 and hence, it is not a surprise that so many companies in the industry are getting into it one by one.
However, it is also important to note that Green Growth Brands has made all the right moves in the market in order to grow into a leading cannabis retail brand in the United States. Expansion of this nature needs the guiding expertise of seasoned executives and to that end; Green Growth has decided to hire Jean Parish as the chief marketing officer. The announcement was made on Tuesday and it is a bit of a coup for Green Growth since Parish had served in the same role at Victoria’s Secret and prior to that, he had worked with brands like Tommy Hilfiger and Calvin Klein.
The company has also been performing impressively recently and in its Q1 2019 financial results, Green Growth generated solid growth as far as sales were concerned. The company generated revenues of $5.5 million for the quarter and it was particularly impressive since it reflected a 77% rise from the $3.14 million in revenues it had generated in the previous quarter.
The strong growth in sales is a clear indicator that the company is currently on the right track.