Green Growth Brands Inc (OTCMKTS:GGBXF) has reported revenues of $12.7 million in Q1 2020. The retail sales of CBD accounted for two-thirds of the total sales. Chief Executive Officer of Green Growth, Peter Horvath, said the team at Green Growth is confident to continue the growth story with the approaching holiday season.
Retail CBD sales
Green Growth is pleased with the topline growth recorded in Q1 and the current results, which shows consistent growth in the future. The retail CBD sales in November accounted for two-thirds of the overall sales reported in the total thirteen weeks of Q1 2020. According to Peter, the company accomplished a significant CBD footprint in a short period. He said the chain of shops, products, and wholesale relationships and growing web businesses strengthens the company’s position as a leader in the CBD industry. Green Growth expects to maintain the same trend in the future.
Highlights of Q1 2020
Green Growth reported Pro-forma revenues of $15.3 million from The+Source Henderson. Its MSO revenues are reported at $7.6 million, an increase of 38% from the previous quarter. The annual revenues from The+Source dispensaries based in Nevada are continuing at $15,000 per Sq. Ft. Green Growth has reported revenues of $5.1 million and expects to post more than $10 million in Q2 2020.
The total number of shops of Green Growth has surged to 139 across thirty-four states by the end of the quarter with the inauguration of eighty-one mall-based CBD shops in Q1 2020. Green Growth currently manages 193 shops. It is fulfilling the white label order ‘Mood’ of American Eagle. As per the performance indications, the company will maintain a partnership with American Eagle.
Green Growth opens 150th store
Green Growth has opened 150th Seventh Sense CBD mall-based shop in Columbus, Ohio. According to the customer database, 20% of its customers indulged in repeat purchases. The company is experiencing repeat purchases every 31 days online.
Green Growth has introduced SMS texting to customers on August 7, 2019. The enrollment to the services has increased considerably in the past 30 days. Seventh Sense will unveil the national media campaign this month, focusing on branded and media partnerships.
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