Green Growth Brands’ (OTCMKTS:GGBXF) stock has been on fire over the past week. The company announced the launch of CAMP which is a proprietary cannabis brand as well as an associated product lineup. Shares of GGBXF are up over 30% since April 16th.
Technically, GGBXF stock is trading above the 50-Day moving average and 200-day moving average of $2.21 and $3.65 respectively.
New CAMP cannabis brand
The cannabis brand, CAMP, has been designed to combine cannabis usage with an active lifestyle in North America as a way of moving away from stereotypes surrounding cannabis usage. In recent times there have been attempts to legalize recreational use of cannabis in the mainstream as well as stressing on its medical values.
CAMP will have an exclusive dispensary that will open later in the year but all the other products from the CAMP product lineup will be offered at Green Growth Brands locations in Nevada beginning with Happy Camper that will be available in The Source retail outlets in Las Vegas and Henderson.
Peter Horvath, the CEO of Green Growth Brands stated that the development of CAMP is at the heart of what the company’s innovative products for customers.
Horvath added that the company’s differentiator is the potential of developing new brands that will grow the business base of the company. He said the company was delighted to launch CAMP as well as bring CAMP products to its customers across Nevada and beyond.
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Termination of Aphria takeover
In other developing news the company earlier in the week announced the acceleration of the expiry the acquisition of Aphria Inc. (NYSE:APHA) and instead they will repurchase 27.3 million of the company’s common shares for around $89 million.
On Monday Green Growth Brands announced that it had agreed with Aphria to accelerate the expiry of the acceptance of its bid to purchase Aphria’s issued and outstanding common shares from May 9, 2019, to April 25, 2019.
The repurchase of the 27.3 million shares held by GA Opportunities Corp shall be paid in a secured promissory note and cash within six months.
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Disclosure: we hold no position in $GGBXF , either long or short, and we have not been compensated for this article.