Among the cannabis patch names that could be fodder for primetime among bottom-picking services, Green Growth Brands Inc (OTCMKTS:GGBXF) must rank toward the top due to its topline growth and recent catalysts. For example, the company just announced it has received a purchase order from American Eagle Outfitters, Inc. (NYSE: AEO) through which it will sell hemp-derived cannabidiol (CBD) infused personal care products in nearly 500 of its American Eagle (AE) stores and online.
According to the release, “The purchase order represents GGB’s third major wholesale agreement since the passage of the Agriculture Act of 2018 in December 2018 (the 2018 Farm Bill). The products, which were exclusively developed for American Eagle, include a wide assortment of CBD-infused personal care items such as lotions, muscle balms, and aromatherapy. Sales of the product are expected to begin in October 2019.”
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 it has received a purchase order from American Eagle Outfitters, Inc. (NYSE: AEO) through which it will sell hemp-derived cannabidiol (CBD) infused personal care products in nearly 500 of its American Eagle (AE) stores and online.
The stock has suffered a bit of late, with shares of GGBXF taking a hit in recent action, down about -14% over the past week. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -14%. What’s more, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed above 210% over what the stock has registered over the longer term.
“We are very pleased to be partnering with American Eagle, a leader in the specialty retail space,” said Green Growth Brands CEO, Peter Horvath. “GGB provided the expertise necessary to develop the product formulations and packaging to create a really special line of products.”
Currently trading at a market capitalization of $394.2M, 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. This may be a very interesting story and we will look forward to updating it again soon. 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.