Today, Green Growth Brands will achieve its “go public” aim with an IPO. They’ll list their cannabis stocks on the Canadian Securities Exchange under the “GGB” symbol.
Canada is the world’s top source for public venture and growth capital. As of April, Canadian listed cannabis companies had raised $2.9 billion in the first four months of 2018. Listing on the CSE gives GGB access to new sources of investment. It’s been nine months since Green Growth Brands entered the cannabis market. Founded by a group of influential investors, with operations set up in Columbus, Ohio, the company primarily focuses on wellness and recreational products.
CEO Peter Horvath and his C-suite of accomplished retail experts began creating a distinctive set of brands that focus on rectifying industry shortcomings. So what were those shortcomings? Amongst the deficiencies identified were retail space and overlooked audience demographics. In particular, wellness products aimed at the overlooked female potential of the market. Bloomberg quoted Horvath saying, “If you appeal to women, everyone will want it. Exactly the opposite of what the industry is now.” Away from the conceptual, GGB has taken serious steps to bolster the internal structure of the company’s business, such as the acquisition of developmental cannabis company Xanthic Biopharma.
Xanthic provides access to proprietary technology and pioneering products. In acquiring Nevada Organic Remedies, GGB also gained cultivation operations and retail spaces. This comprehensive approach gives GGB information sources as well as extensive operational control. Both are factors feeding their market assessment and in generating expansive private investment oversubscription. The cap for their last investment round required raising from C$55 to C$85 million to accommodate demand. With shrewd private investors, the company could have remained private.
A choice many of America’s most significant retail operators, such as IKEA or Publix Supermarkets, make. GGB desires to generate investment, furthering their business aims and acquisitions. If the green in the name is cannabis, the growth is bold business decisions like this IPO. The last nine months have shown GGB’s offering is attractive. They identify significant gaps in the industry, and create brands that address them. GGB’s focus on wellness and women represent focus on the development and expansion of the market beyond its prohibition origins. Investors had ample opportunity to compare GGB’s comprehensive offering with the market, ultimately deciding to place their money with GGB.
Now, through their IPO, GGB is offering cannabis stocks to a broader audience. Empowering the public to invest in a cannabis company that’s promoting a beneficial and inclusive vision of a transformed cannabis industry.