Green Growth stock pops
On January 10, Green Growth Brands (GGB) stock popped nearly 4.9% on news of a partnership with footwear company DSW in the US. This partnership enables Green Growth Brands to sell its products through DSW’s 96 stores in the United States. This development comes after a successful test run in which Green Growth Brands sold its products in ten DSW stores. In its press announcement, Green Growth Brands said that the test run exceeded expectations. In that test run, about 74% of the products that were available on DSW’s shelf were sold, which indicates strong demand. The below chart shows the stock’s daily returns as of January 10, 2019.
The products sold through DSW’s store will include CBD-infused cannabis products under the umbrella of Green Growth’s Seventh Sense brand. Some of the examples of products sold by Seventh Sense include lotions, body wash, hair care products, and other hemp-based products. This deal also comes on the back of recent legislation in the United States that makes hemp legal.
This is just the beginning of the economic opportunities that we’ll likely see in the future when seasoned cannabis players (HMMJ) such as Canopy Growth (WEED), Tilray (TLRY), Aurora Cannabis (ACB), and Aphria (APHA) get into the game.
For more analysis, check out our previous series on Aphria:
- Aphria: Last Week Was Eventful
- Aphria Thinks the US Cannabis Market Could Hit $50 Billion
- The Latest from Aphria: Green Growth, Irwin Simon, and More
Next, we’ll discuss how Green Growth is inching closer to Aphria.