On January 14, Green Growth Brands (GGBXF) stock closed at $4.67, which represents ~6.85% growth from its prior close of $4.37 on January 11. On January 11, the company’s stock price grew ~4.07% from its prior close of $4.20 on January 10. The company’s stock price grew ~11.70% on January 4 to reach $3.73 from its prior close of $3.34.
Green Growth Brands stock closed at $3.41 on December 31 and had risen to $4.67 by January 14, which represents ~37% growth. On January 14, the company’s stock price hit its 52-week high of $4.96. Green Growth Brands hit its 52-week low of $0.12 on May 29, 2018.
Green Growth Brands partners with DSW
On January 10, Green Growth Brands (GGBXF) announced that it has partnered with DSW (DSW) for the commercialization of hemp-derived cannabidiol (or CBD) personal care products. The products will be sold under the brand name Seventh Sense Botanical Therapy at selected DSW stores across the United States.
Green Growth Brands and DSW entered an agreement after a previous successful test phase wherein Green Growth Brands sold certain products under Seventh Sense brands in ten designated DSW stores. Now, Green Growth Brands has received an agreement from DSW for 54,960 units and sales of Seventh Sense in 96 US-based DSW stores. The agreement could significantly boost the company’s revenue growth in 2019.
Green Growth Brands intends to take over Aphria
On December 31, Green Growth Brands confirmed its commitment to launch a takeover bid to acquire Aphria (APHA). Green Growth Brands plans to purchase all issued and outstanding common shares of Aphria. If Green Growth Brands and Aphria combine, the combined company would be able to operate both in the US and Canada and could expect significant long-term growth. If Green Growth Brands succeeds in acquiring Aphria, then the company will combine Aphria’s expertise in greenhouse and pharmaceuticals operations and Green Growth Brands’ expertise in retail in one platform.
Green Growth Brands offered a value of 11.00 Canadian dollars per Aphria share, which Aphria believes to be undervalued and thus rejected the offer.