09 Mar Getting out of the CBD Business and Into the Florida Cannabis Industry
Giant CBD retailer announces it will be selling off the CBD side of its business and will be focusing on opening Cannabis Dispensaries in Florida.
Green Growth Brands is an Ohio Based company that owns the largest chain of CBD retail mall kiosks.
Green Growth Brands has a robust business model that includes many brands. The company has two main facets, cannabidiol (CBD) and cannabis. One of the brands they own is called The Source. The Source owns and operates cannabis dispensaries in Las Vegas, Nevada. They also own a license to operate a Medical Marijuana Treatment Center in the State of Florida.
The company plans to sell the CBD side of it’s business, while retaining a 20% stake in the companies. The Green Growth Brands’ CEO, Peter Hovarth, claims that, “overhead costs” and unidentified “constraints on liquidity” for shedding the CBD side of its business. The plan is to provide better value to its investors by focusing on the retail cannabis side of things.
Apparently, the cannabis dispensaries that the company owns in Las Vegas are doing rather well! They plan on opening dispensaries in Massachusetts as well as in Florida.
“While we’re proud of the CBD business we created, it’s important to reiterate that our core business has always been the multi-state cannabis business,”said Peter Horvarth, CEO of Green Growth Brands
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