BRN Group, a New York-based branding company, says it is still interested in buying the CBD business of Green Growth Brands, an Ohio-based retailer that announced in late February that it planned to sell most of its interest in a line of mall kiosks selling hemp-derived CBD products.
However, the potential sale of the business may be delayed given the impact of COVID-19 on the retail sector, BRN CEO Dia Simms told Hemp Industry Daily in a statement.
“Our focus has not changed,” Simms added. “We remain big believers in the CBD business.”
Green Growth Brands, which said Feb. 25 it would enter into a one-month “stalking horse” agreement to sell 80% of the CBD business, wants now to focus on its marijuana operations in Nevada, Florida and Massachusetts.
Such an arrangement meant it was free to pursue alternative buyers for the business. Green Growth Brands would have owed BRN a $750,000 payment if it chose another buyer during the 30-day period.
Green Growth Brands did not immediately respond to questions on whether it had been able to attract alternative offers for the CBD business.
It has also said delays to the sale of the business are likely given the coronavirus epidemic.
The company’s CEO, Peter Horvath, stepped down on March 19.
Green Growth Brands trades on the Canadian Securities Exchange under the ticker GGB.
Nick Thomas can be reached at [email protected]
