Green Growth Brands Reports 271% Higher Quarterly CBD Revenue

Green Growth Brands Inc. GGB GGBXF reported total fiscal 2019 revenue of $15.7 million on Wednesday. 

For the fourth quarter ended June 30, Green Growth posted revenue of $7.2 million, representing a 29% quarter-over-quarter increase.

Quarterly CBD revenue of $1.7 million was up by 271% from the previous quarter. Green Growth said it expects first-quarter CBD revenue to increase by 200%.

The company reported a net loss per common share basic and diluted of 19 cents versus a net loss of 4 cents in the same period one year ago. 

Green Growth shared updates on developments since the close of the fiscal year, such as completing a CA$50-million ($38.2 million) bought deal and acquiring Florida-based Spring Oak and Henderson Organic Remedies. 

The company runs 160 CBD shops and expects to top 200 this year.

"In a short-time we have built a pathway to open up to 47 dispensaries in three key states and established the first, best and only vertical CBD distribution network in the country," CEO Peter Horvath said in a statement.

"This foundation leverages our strengths of creating brands consumers love, building innovative product assortments and operating and growing retail at scale, quarter after quarter."

The company's focus in fiscal 2020 will be on operations and execution, and it expects "steep sequential growth" in both the CBD and multistate operator segments, Horvath said. 

Green Growth shares were down 2.24% at $1.13 at the time of publication. 

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