Green Growth Brands, an Ohio-based cannabis retailer that owns both marijuana dispensaries and the nation’s largest chain of CBD retail locations in mall kiosks, reported a loss of $30.2 million for the fiscal first quarter ended Sept. 30.
The company lost $2.8 million in the same period a year ago.
Company executives attributed the current losses to the rapid expansion of its Seventh Sense-branded CBD kiosks, now in nearly 200 shopping malls.
“In a very short time, we have grown a meaningful CBD footprint,” CEO Peter Horvath said in a statement, acknowledging that the company opened 81 new shops during the quarter.
Revenue for the quarter was $12.7 million, including $5.1 million from its CBD line. The company did not report revenue for the same period a year ago.
Executives said that the mall investments position the company for a strong holiday season and a path to profitability.
“We’re in a place where we want to be, which is selling full price and relying on newness and engagement and uniqueness to drive traffic,” Horvath said.
Green Growth Brands trades on the Canadian Securities Exchange as GGB and on U.S. over-the-counter markets as GGBXF.
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