Shares of Green Growth Brands Inc (OTCMKTS:GGBXF) rebounded sharply to close out the week on a jump in volume. This move comes at a particularly important point in the evolution of the stock’s chart pattern given the recent breakdown through key support. The move back higher rekindles the potential of the standing bullish trend. To make matters more interesting, the company just announced the launch of CAMP, a proprietary cannabis brand.
According to the release, “CAMP is a brand born from the idea of connecting with nature, connecting with others and connecting with yourself. A strategic component of GGB’s owned and operated portfolio of brands, CAMP will be a destination for the cannabis community; a place to find premium products that support and enhance an active lifestyle. Beginning with proprietary TCH and CBD products, GGB expects to also launch the first CAMP dispensary in this year.”
Green Growth Brands Inc (OTCMKTS:GGBXF) trumpets itself as a company that engages in the cultivation, processing, production, distribution, and retailing of cannabis and cannabis-infused products in the United States.
The company offers cannabis, tetrahydro cannabidol, cannabidiol, and cannabis-infused consumer products, as well as technology and consulting services for the cannabis industry. Xanthic Biopharma Inc. was founded in 1968 and is headquartered in Toronto, Canada.
The Company is a lifestyle oriented, consumer products company that celebrates health, wellness and happiness. We are in the business of cultivation, processing and retailing of cannabis, tetrahydrocannabidol, cannabidiol and cannabis-infused consumer products.
Over the next 12 months, the Company intends to expand its retail and wholesale cannabis businesses as well as its CBD consumer products business through a combination of strategic partnerships, merger and acquisition activity, and organic license capture. The Company’s objectives are to establish retail cannabis locations, or otherwise apply for such licenses, in various states within that timeframe, pursuant to state laws. Such activity will focus on those certain states where cannabis has been legalized for medical and/or recreational use at the state level.
According to company materials, “Green Growth brands expects to dominate the cannabis and CBD market with a portfolio of emotion-driven brands that people love. Led by Peter Horvath, the GGB team is full of retail and consumer packaged goods experts with decades of experience building successful brands.”
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As noted above, GGBXF just announced the launch of CAMP, a proprietary cannabis brand.
Traders will note 11% during the past week in terms of shareholder gains in the listing. In addition, the name has witnessed a pop in interest, as transaction volume levels have recently pushed 73% above its longer-run average levels.
“At the heart of what we do is creating brands, products, and experiences that people love,” said Peter Horvath, CEO of Green Growth Brands. “One of our differentiators is the ability to develop and launch new brands that will grow into substantial businesses. We are so proud to officially launch CAMP, and are excited to bring more CAMP products to our loyal customers in Nevada and beyond.”
At this time, carrying a capital value in the market of $618.21M, GGBXF has a troubled balance sheet, with about $1.5M in cash on the books, which stands against about $58M in total current liabilities. The company has pulled in about $332k in total trailing 12 month revenues. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $GGBXF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $GGBXF, either long or short, and we have not been compensated for this article.