Green Growth Brands will seek more licenses and aims to top $150 million revenue from the state as its stores mature, CEO Peter Horvath said in a release In all, the state will issue 64 licenses in this round, doubling the number of stores.
Xanthic Biopharma d/b/a Green Growth Brands (OTCMKTS:XTHCF) has received seven retail cannabis dispensary licenses from the Nevada Department of Taxation. “Our presence in Nevada has been strategic from the start. With 3 million residents and 42 million annual visitors this is a market like no other, which is why we chose Nevada as the first state where we will present the full expression of our brands, products and services. At maturity, we see Nevada as a consumer market that represents USD$150 to $250 million in revenue potential to GGB with ten or more dispensaries across multiple brand formats,” CEO Peter Horvath said in a press statement.
Since embarking upon adult-recreational legalization last July, the state of Nevada continues to break its own cannabis sales records. Nevada's successes point to an intriguing potential should the federal government move closer to national legalization, which would benefit cannabis companies inside and out of the state, including Green Growth Brands (CSE: GGB), Medmen Enterprises Inc. (CSE: MMEN) (OTC: MMNFF), HEXO Corp. (TSX: HEXO)(OTC: HYYDF), CV Sciences, Inc. (OTC: CVSI), and Green Thumb Industries Inc. (CSE: GTII) (OTC: GTBIF).
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