September 4, 2019

GGB Update: Cannabis and Dispensaries

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Much of the recent news out of Green Growth Brands has focused on the incredible growth of our CBD topicals. But we’ve been equally focused on growing the cannabis business as well. Here’s what’s been happening—and what you can expect to see in the coming months.

Green Growth Brands now has the ability to operate up to 47 dispensaries across three key states: Nevada, Massachusetts and Florida. But the brand is taking a thougtful approach to the cannabis side of its business, entering markets it can lead—versus more established cannabis states, such as Oregon, Colorado and Washington, which are essentially oversaturated. Green Growth Brands is focusing on states with fewer operators and more opportunities for success for individual dispensaries.

Here’s an update on GGB’s current and future locations.

Nevada

Currently, Green Growth Brands’ dispensary chain, The+Source, has two locations in the state: one in Henderson and one in Las Vegas. When GGB acquired The Source in 2018 it already firmly held a place as one of the cities most beloved dispensaries, garnering accolades from Maxim, High Times, Las Vegas Review-Journal and Desert Companion.

Respecting the established popularity of these dispensaries, GGB has been thoughtful in how it’s further upgraded them. First, the company narrowed the product assortment to allow for more deliberate pricing, simpler shopping and effective in-store marketing. Then they improved the retail fixtures, creating feature tables that tell brand stories or help guide customers. For instance, each month, a table features The Source employees’ favorite products. During the last season of Game of Thrones, the dispensary featured one of its newest cannabis strains, intentionally named “White Walker”.

Having leadership with deep retail experience has made all the difference, says Investor and Public Relations Manager Julia Fulton. “It’s these little adjustments that drive meaningful results without compromising the bottom line.” This fall, The Source in Las Vegas will undergo further renovations to improve the aesthetic design of the store. It will also open a new location in Reno this fall.

Florida

Regulations for cultivation, processing and sales of cannabis varies wildly from state to state. Florida’s regulations, for example, grant dispensary licenses solely to business categorized as plant nurseries. In August 2019, Green Growth Brands acquiredthe rights to a license from Spring Oaks Greenhouses, Inc. in Florida. This purchase will allow GGB to open dispensaries from The Source throughout the Sunshine State.

Currently Florida only allows cannabis for medicinal purposes, and more than 300,000 Florida residents have obtained medical cards. GGB currently has the right to open up to 35 dispensaries in the state.“We see Florida as potentially one of the largest cannabis markets in the world, if the state chooses to legalize recreational cannabis,” says Fulton.

Massachusetts

GGB holds licenses for three dispensaries in Massachusetts. The first will be established in Northhampton, anticipated to open in February 2020, with two others to follow in Boston in 2020.

In all cases, GGB seeks specific types of buildings, those that combine the proper space for effective store design, ample parking and a secure location. The perfect space has been identified in Northampton, where GGB will sell cannabis and related products under its CAMP brand, the company’s first use of it as a dispensary identity. “We think it’s perfect for the customer we’re seeking in the Massachusetts market, one attuned to the brand’s ethic of nature and active lifestyles,” says Fulton.

Bloomberg Business

"Cannabis Company Backed by Retail Fortune Eyes East Coast Expansion"

The Province

"Opinion: The future of cannabis retail is simple, integrated, and welcoming"

CBC Business

“Unlike big names in production at centre of cannabis frenzy, company plans to focus on retail side of things”

Tech Startups

"Former Victoria Secret executive raises $85 million for cannabis startup…"

The Growthop

"Green Growth Brands completes upsized raise of $85 million to satisfy investor demand."

Benzinga

"Green Growth Brands announced it has completed a raise of C$85 million ($65.7 million) in a private placement…"

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