Plus Products Builds on Success, Readies NY Launch Event
Tony Deyes
September 16th, 2019
Exclusive, News, Top Story
Anyone with even a cursory understanding of the cannabis industry knows that extract-based products are gaining market share as increasingly sophisticated, health conscious consumers choose convenient, discreet, and tasty alternatives to smoking, options that provide consistency and have been tailored to provide varied and clearly defined experiences.
Between November and December of last year alone, the sale of ingestible products rose seven percent to $42.5 million, accounting for 14% of California’s overall cannabis sales, and according to BDS Analytics, edibles comprise over 10% of the overall cannabis market, with sales anticipated to top $2 billion in the US and Canada this year, and $4 billion by 2022. Gummies are the most popular form of ingestible cannabis products, capturing 27% of the overall edibles market.
Click here to see the company investor presentation
Dominating California
As the cannabis market continues to evolve, a handful of companies are expected to become synonymous with cannabis, and one company already making a name for itself in the edibles space is California-based Plus Products (CSE: PLUS, OTCQB: PLPRF).
Plus has a great sense of exactly what it is and what it wants to be; a consumer packaged goods company in the most valuable part of the supply chain, branded goods, guided by an understanding that the strongest companies focus on becoming the best at one thing, and build brands around an iconic product that consumers love.
Its R&D team is led by a Michelin Star Sous Chef, its gummies are manufactured and tested inside its 12,000 sq. ft. food manufacturing facility, and at 5mg of THC per piece, they’re designed to be approachable for all levels of cannabis consumers.
The company was formed in Colorado in 2015, but seeing the opportunity presented by California – the single largest cannabis market in the world – relocated to the state with the goal of becoming its premier edibles brand. Which it quickly did, becoming the #1 gummies brand, with the #1 & 2 top-selling cannabis products and the best-selling CBD-inclusive product in California according to BDS Analytics. Its Uplift Sour Watermelon Sativa and Restore Blackberry & Lemon Indica Gummies remained the #1 and #2 best-selling products, while its pineapple & coconut flavored CBD Relief was the #5 best-selling SKU and the top CBD-only product in the state, mirroring a similar ranking announced in November 2018.
With its initial goal of dominating the California market well on its way, Plus is focused on growing the brand by taking its winning formula to new products, new consumers, and into new markets.
Click here to see the company investor presentation
Plus Mints an Alternative to Gummies
To that end, this summer the company expanded its offering with the addition of a line of low-dose infused mints for consumers looking for something a little less sweet and potent than the slightly higher-dosed gummies, leveraging sublingual delivery for faster onset.
Plus Mints enjoyed an initial limited release in April of its initial flavour, Classic Mint, and the company has since unveiled Orange and Black Cherry flavours. Each Classic Mint and Orange mint contain 2.5 mg of THC and less than 0.1 mg of CBD, while each Black Cherry mint is infused with 2.25 mg of THC augmented with 0.25 mg of CBD.
Commenting on the expansion, Plus CEO and co-founder Jake Heimark said, “Mints are a logical extension to the PLUS product family as more customers seek out unique taste experiences and low-dose products they trust. We are excited about continuing to give customers the best experiences and will continue to be the leader in low-dose infused products in THC.”
Each distinctive Plus tin contains 40 mints, and like all Plus products, they’re now available in over 300 California retail locations, as well as the company’s website and on the Eaze online cannabis marketplace https://www.eaze.com/groups/plus. And as a result of its first out-of-state expansion, Plus products are expected to be available in Nevada as well during Q4.
Further Expansions, New Products Imminent
Plus is currently working on a line of infused chocolates, expected for release in Q1 2020, plans to follow up its move into Nevada expecting expansions into Illinois, Massachusetts, and Michigan over the next calendar year, while also considering an expansion into Canada to begin the process of taking its brand global.
Click here to see the company investor presentation
The company is gearing up for a special New York launch event on Tuesday, September 17th, so be sure to keep an eye on them by watching this page, and visiting https://www.plusproducts.com/.
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