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Green Growth Brands posts earnings highlighting the new company's rapid expansion throughout US

The Columbus, Ohio-based company had a busy quarter, expanding its operations into Massachusetts and launching a number of new products throughout the US

cannabis plant
The company debuted on the Canadian Securities Exchange in November

Green Growth Brands Inc (CSE:GGB) (OTCMKTS:GGBXF) released its third-quarter results on Wednesday evening that showed the multistate cannabis operator’s acquisition strategy is paying off.

The Columbus, Ohio-based company had a busy quarter, expanding its operations into Massachusetts and launching a number of new products throughout the US.

For the period ending March 31, 2019, Green Growth Brands posted total revenues of US$5.6 million, largely driven by its Nevada operations, which contributed the bulk of sales.

READ: Auxly Cannabis shares light up as firm unveils 1Q earnings results

The company debuted on the Canadian Securities Exchange in November 2018 and the OTCQB market in December last year.

"This quarter we executed our strategy with speed and agility,” said Peter Horvath, CEO of Green Growth Brands.

“We made great progress towards establishing our leadership in the industry, by setting new standards for consumer experiences and product. We launched Seventh Sense, began our unprecedented big-bang expansion into hundreds of prime mall-based CBD shops, and grew performance at our premier dispensary, The+Source Las Vegas, through implementing margin accretive retail practices.”

Horvath also highlighted the transaction with Just Healthy transaction allowing the company to enter Massachusetts, and said Green Growth planned to open new dispensaries in Nevada this year.

"As an early-stage company, just over a year-in, when most competitors have been operating for 4-8 years, we are proud of the accomplishments we have made,” Horvath said. “We will continue to drive towards profitability."

The company posted a net loss for the period prior to listing fees and taxes of US$15.1 million or $0.07 per share.

It ended the quarter with US$5.4 million cash on hand.

Shares of Green Growth fell 4.9% in Canada to C$3.90 on Thursday midday and slipped 3.2% on OTC markets to sit at US$2.91.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Green Growth Brands Inc

Price: 1.13 CAD

CSE:GGB
Market: CSE
Market Cap: $212.68 m
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