- Cannabis industry saw 45.7% increase in legal cannabis sales last year
- Interview with PLUS highlights strong start to 2020
- Building a brand in largest competitive market has proven company quality and standards; setting up expansion into new markets
Legal cannabis spending worldwide increased from $10.2 billion in 2018 to $14.9 billion in 2019, making for a 45.7% increase driven primarily by the adult-use markets, reports the Arcview Group, a market research firm that specializes in cannabis. Arcview is now forecasting sales worldwide to reach $42.7 billion by 2024. This is exciting news for Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF), an edible cannabis company that has sustained its position of number one gummy brand for more than six quarters in California, one of the most competitive cannabis markets in the world.
“The possibilities are boundless as political progress opens up more markets across the world, and struggling markets sort out their regulatory framework,” Troy Dayton, founder and chief strategy officer at the Arcview Group, stated in a news release (http://ibn.fm/ZVAcU).
Blake Brennan, head of investor relations for PLUS, recently spoke with Stuart Smith on NetworkNewsAudio. The interview highlights how 2020 is already proving to be a strong year for the company as it takes proven techniques and expands to new markets (http://ibn.fm/6nvsa).
PLUS was one of the first brands to bring fully compliant products to the California Adult-Use market and quickly grew into one of the leading edible brands in California. The company operates with the belief that everyone deserves access to consistent, doseable and delicious cannabis products. PLUS produces to scale through the thoughtful collaboration of experts that span many fields.
From day one, Plus Products’ strategy for growth was to build a brand and product in the largest competitive market and achieve success before moving to new markets. After six quarters with a product sitting at California’s top spot, PLUS has proven to the consumer its commitment to superior products. PLUS Uplift sour watermelon gummy was the best-selling cannabis product in California, and PLUS was the largest infused-gummy brand over that time period. However, the company has eyes to further prove itself to a larger market. Looking forward, the company has set its sights on becoming the world’s strongest cannabis brand portfolio (http://ibn.fm/Xlp3a).
With that goal in mind and with its products available in over 300 licensed retailers across California, PLUS made its move. In Q3 2019, the company unveiled a website featuring a new product line of 100% hemp, CBD-infused gummies that are available online in more than 40 states, and in Q4 2019, PLUS launched its best-selling product line in Nevada.
When Smith asked Brennan to highlight major milestones for 2019, Brennan responded by mentioning the following:
- Launching into two new markets – Nevada and CBD
- Solidifying PLUS’s position in California
- Sustaining the position of number one gummy brand for over six quarters
- Navigating a hypergrowth industry in a competitive market
- Recruiting key players and a strong management team
“Creating the dominance we have here in California in the new markets that we’ve just entered, Nevada and the hemp CBD market, is at the top of our list,” added Brennan. “Even though we’ve seen some early traction in those markets, we haven’t reached the status of the #1 gummies brand yet, but that is certainly our target with any market that we enter. We want to turn that traction into dominance.”
Expansion efforts into other states where cannabis is recreational is already a topic of conversation for PLUS. Looking forward, PLUS will start looking into further expansion efforts where cannabis is recreational. Michigan, Massachusetts and Illinois currently sit at the top of that list.
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://cnw.fm/PLUS
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