Cannabis brand World of Weed Inc. (OTC:WOWU) has entered the California market by granting franchise rights to PDX Partners Inc. (OTCEM: PDXP).

Both companies described the Southern California cannabis market as "both lucrative and in its primal infancy."

"With this recent dip in sales we feel the long term prognosis and economic viability is even more attractive thus prompting our current entry," said World of Weed CEO Anthony Russo.

Partnering with PDX "opens infinite positive possibilities," he said.

PDXP CEO Pat Johnson praised the World of Weed franchise, citing how it will "raise the bar in efficiencies and quality products to the California consumers."

According to Leafly data, cannabis sales in The Golden State declined by 18% year-over-year to $2.03 billion in 2019. However, legal excise tax revenues went up by 60.5% over the same period to $305.30 million.

Meanwhile, edible sales in the state spiked during the COVID-19 crisis, resulting in huge demand for processing material, reported Confident Cannabis.

California currently counts over 600 stores, with around 300 new stores poised to open this year, the press release said

"This endeavor will expand the World of Weed brand into the lucrative and immense Southern California cannabis market, which is the largest legal market in the world," Russo added.

Courtesy image

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