- Plus
Products’ brands have seized five spots in a top-10 lineup of California
cannabis offerings, including the leading position
- The
company plans to expand its product line after recently completing a C$20
million capital raise
- Plus
Products has secured an option to purchase Emerald Bay Wellness LLC, a
California-based cannabis oil manufacturer
What does it mean when a company has five of the top 10
edible SKUs in the largest cannabis market in the world? It could mean that,
like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF), it’s on its
way to market control. Plus Products, based in San Mateo, California, has
emerged as “the dominant manufacturer of edibles in California, which is no
small feat,” according to Chris Parry, a marijuana marketing consultant for
Yahoo Finance (http://ibn.fm/2u9fI).
It’s no surprise, then, that Plus Products has been ranked as the top cannabis
edibles brand in California (http://ibn.fm/F4H9d),
and its financials have started to reflect that lofty status. Revenues for Q1
2019 were $3.24 million, marking a 272 percent increase year-over-year.
Plus Products has found a way into the hearts of residents
in the Golden State, no doubt because its hugely popular cannabis-infused
gummies and mints have found favor with their palates. The latest rankings
compiled by data intelligence analyst Headset from retail sales data show
the company’s products placing in the tenth, ninth, sixth, second and first positions
in the gummy steeplechase (http://ibn.fm/zyDh0).
Refresh – Pink Lemonade Gummies (30mg CBD, 70mg THC) was in tenth place;
CBD/THC 9:1 Mango Gummies (90mg CBD,10mg THC) was in ninth; Create – Hybrid Sour
Blueberry Gummies 20-Pack (100mg) took sixth place; Restore – Indica Blackberry
Lemon Gummies 20-Pack (10mg CBD, 90mg THC) was in second; and Sour Watermelon
Gummies 20-Pack (100mg) took the top spot. Of the other five places in the top
10, three went to one competitor and two to another.
Since its introduction in 2015, the PLUS brand has climbed
to the top of the pack. Its performance reflects a focused strategy. Rather
than being all things to all men, Plus Products has gone straight for the
palate. PLUS operates through a wholly owned subsidiary, Carberry, and
currently has five cannabis-infused gummy candy SKUs (in addition to limited
edition SKUs) that are sold in over 200 licensed dispensaries and delivery
services. All products under the PLUS brand are produced in the company’s
12,000-square-foot, food-safe cannabis manufacturing facility in Adelanto,
California.
Plus Products came to market in October 2018. In an IPO on
the Canadian Securities Exchange (CSE), the company offered 6,153,847 subordinate
voting shares at a price of C$3.25 per share for total gross proceeds of C$20
million. The company’s shares have since been trading on the CSE under ticker
symbol ‘PLUS’. The company intends to use the proceeds of the capital raise for
new product development, to increase manufacturing capacity, to upgrade factory
automation and to strengthen working capital.
Earlier in June, Plus Products announced that it had
acquired an option to purchase Emerald Bay Wellness LLC, a California-based
cannabis oil manufacturer. The option grants PLUS the irrevocable right, but
not the obligation, to purchase all of the business assets of Emerald Bay
Extracts for cash and stock consideration (http://ibn.fm/cHQUR).
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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www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
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