Retail is an area that many cannabis companies have been eyeing over the past year or so. With most analysts expecting that the industry will shift away from a cultivation-focus to a greater emphasis on retail and branding, one company has blown away the competition in this respect. Green Growth Brands, Inc. (CSE: GCG) announced today that it is opening the first of its new cannabis stores in the Fayette Mall in Lexington, Kentucky.
“We are very enthusiastic about opening our first Seventh Sense CBD Shop. We know that exceptional store experiences create customer loyalty, and we know that the mystical, curious and confident brand we are building here will be exceptional. We will methodically roll out hundreds of shops across America in the very near future,” said GGB CEO Peter Horvath. “We have an overwhelmingly positive response from the developers we are working with. Mall operators are focused on bringing fresh and exciting new offerings to their centers. The shop locations we are looking at, and many of which we are secured, are phenomenal in what malls they are in and their proximity to other retailers who drive significant traffic from the most desirable consumer segments.”
Green Growth Brands caught the attention of the cannabis industry a couple of days ago when it first announced an unprecedented agreement with Simons Property Group, Inc. (NYSE: SPG), an S&P 100 company, in which GGB would be permitted to open up specialty cannabis stores in some of America’s top malls. Overall, the agreement would see GGB start up 108 stores, a retail agreement that’s of a scale never seen before in the industry.
At the same time, the company mentioned they were “in talks” with five other major real estate developers to open up further locations across the country. Currently, the plan is to have 300 locations across the country by the end of 2019, a goal that is quite realistic considering they are already one-third of the way there.
Additionally, the deal marks a significant expansion for Green Growth Brands chain of CBD-infused personal care products. All of these new stores to be opened up will feature Seventh Sense products, which unlike many other CBD-derived products, are available to be purchased in non dispensary locations, such as drug and grocery stores.
Although Green Growth Brands’ stock didn’t move much today, inching up around one percent in today’s trading session, share prices have been steadily rising over the past few days following the new announcement.
Green Growth Bands Company Profile
Green Growth Brands expects to dominate the cannabis and CBD market with a portfolio of emotion-driven brands that people love. Led by renowned retailer Peter Horvath, the GGB team is full of retail renegades with decades of experience building successful brands. – Green Growth Brands
Simon Property Group Company Profile
Simon Property Group, Inc., incorporated on March 10, 1998, is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets and The Mills. Simon Property Group, L.P. (Operating Partnership), is the Company’s partnership subsidiary that owns all of its real estate properties and other assets. As of December 31, 2016, the Company owned or held an interest in 206 income-producing properties in the United States, which consisted of 108 malls, 67 Premium Outlets, 14 Mills, four lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. – Reuters
