Green Growth Brands Inc. (CSE:GGB,OTCQB:GGBXF) was featured in a CNBC article that covered the company’s recent purchase order from American Eagle Outfitters Inc. (NYSE:AEO) and the CBD retail market in the US. According to the press release, American Eagle will be selling the company’s CBD-infused body-care products in nearly 500 stores as well as online with sales expected to start in October. Green Growth Brands has also signed agreements with Abercrombie & Fitch Co. (NYSE:ANF), who will sell the company’s Seventh Sense CBD products in over 160 locations, as well as the DSW (NYSE:DSW).
The article pointed out that this seems to be a new trend within the industry as the CBD market has the potential to become a $22 billion business, according to the Brightfield Group. The rise of the market can be attributed to Congress legalizing hemp-derived CBD in December with the passing of the Farm Bill. According to the article, CBD is now added to just about everything, including makeup, pet treats and soft drinks, despite the US Food and Drug Administration prohibiting it from being added to food, beverages and dietary supplements. Despite these issues, many retailers are comfortable with stocking CBD-based products, like those offered by Green Growth Brands, on their shelves.
While many large and specialty retailers have introduced CBD products to their shops in select states, there are other, like Walmart (NYSE:WMT) and Target (NYSE:TGT), that have largely stayed on the sidelines. This has opened up opportunities for mall owners to enter the market. Green Growth Brands has signed deals with Simon (NYSE:SPG) and Brookfield (NASDAQ:BPY) to open shops in malls. According to the article, Brookfield has stated that it’s opening approximately 70 location and Simon is working on 108.
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