The action in Green Growth Brands Inc (OTCMKTS:GGBXF) has started to heat back up, with shares powering off recent lows on strong volume during the holiday-shortened week. The move took the stock back above the $2.50/share level, which represents an important line in the sand for GGBXF. To make matters more interesting, the company just announced the expansion of its partnership with Abercrombie & Fitch (A&F), a division of Abercrombie & Fitch Co. (NYSE:ANF).
According to the release, “the specialty retailer trialed GGB’s Seventh Sense Botanical Therapy products in 10 Abercrombie & Fitch stores and it will now carry the CBD products in more than 160 A&F stores. The expansion includes Seventh Sense’s CBD-infused body lotions, muscle balms, lip balms and sugar scrubs, and is Green Growth Brands’ second major wholesale agreement since the passage of the Agriculture Act of 2018 in December 2018.”
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 expansion of its partnership with Abercrombie & Fitch (A&F), a division of Abercrombie & Fitch Co. (NYSE:ANF).
The chart shows 26% added to share values of the company over the past week of action. Furthermore, the company has registered increased average transaction volume recently, with the past month seeing nearly 160% above its longer-run average levels.
“Abercrombie & Fitch understands how to connect with their target-customer, not just in the U.S. but across the globe,” said Green Growth Brands CEO, Peter Horvath. “They have incredible brand recognition in our current target markets and beyond, and we are excited at the prospect of building our partnership together.”
Currently trading at a market capitalization of $413M, 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. As more color becomes clear on the name, we will review the situation and update our take. 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.