- PLUS recently entered into a definitive partnership agreement with TapRoot Holdings Inc.
- As PLUS expands beyond its home market of California, it wants to ensure that its product remains consistent
- TapRoot offers Nevada licenses and industry knowledge, enabling rapid deployment into new markets
Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF), a manufacturer and marketer of cannabis food products, has expanded beyond its home market of California. The company has entered into a definitive partnership agreement with TapRoot Holdings Inc., which holds seven retail licenses in Nevada and has a deep understanding of the Nevada market (http://ibn.fm/lY7pw).
PLUS entered Nevada with the recent debut of its low-dose mints in dispensaries. PLUS said that it hopes to replicate in Nevada the success it’s achieved in California. In California, PLUS sold more than one million units in 2018, earning the distinction of having the two best-selling cannabis offerings among over 20,000 products (http://ibn.fm/rkPER).
BDS Analytics retail sales data reported that PLUS product lines made up the top cannabis-infused edibles brand in California retail sales and units sold in Q3 and Q4 of 2018 (http://ibn.fm/SUSHy). BDS Analytics added that PLUS is the number one cannabis gummies brand in California, with a 25 percent market share in 2019 YTD (http://ibn.fm/aaYiA).
“As we look to expand beyond California, we remain committed to producing a consistent product in all jurisdictions,” PLUS co-founder and CEO Jake Heimark stated in a news release (http://ibn.fm/CfUIc). “We want the PLUS customer to have the same experience with our products whether they buy it in LA or in Las Vegas… Partnering with the TapRoot team will let us realize that goal, and we are confident they are the right team to spearhead our expansion in Nevada.”
As PLUS expands outside of California, TapRoot will serve as the manufacturing operations partner to ensure that product consistency and quality is maintained across markets.
TapRoot is a vertically integrated cannabis company operating cultivation and manufacturing facilities in Las Vegas, Nevada. The company has extraction facilities to produce premium cannabis oils. The partnership agreement calls for PLUS to participate economically in a revenue-sharing model. TapRoot has seven of the 61 retail licenses issued by Nevada in December 2018. PLUS believes that TapRoot has a “deep understanding” of the Nevada market and will enable PLUS to rapidly deploy into new markets (http://ibn.fm/4inPf).
San Mateo, California-based PLUS is a cannabis-infused branded products manufacturer selling to regulated medicinal and adult-use recreational markets in California and Nevada. PLUS is focused on building the largest cannabis brand by growing organically and through acquisitions.
For more information, visit the company’s website at www.PlusProducts.com
NOTE TO INVESTORS: The latest news and updates relating to PLPRF are available in the company’s newsroom at http://ibn.fm/PLPRF
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