PLUS Products Launches Edibles Products into Nevada Adult-Use Cannabis Market
October 7th, 2019
News, Top News
SAN MATEO, Calif., Oct. 07, 2019 (GLOBE NEWSWIRE) — Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) (the “Company” or “PLUS”), a leading cannabis branded products company in the U.S, today announced the launch of its best-selling gummies1 into the Nevada market. The products are manufactured through the Company’s partnership with TapRoot Holdings Inc. (“TapRoot”), a vertically integrated cannabis company operating cultivation and manufacturing facilities in Las Vegas, Nevada. Commercialization comes just four months after PLUS and Taproot entered into a definitive agreement.
PLUS expands with a successful product portfolio:
PLUS is the #1 cannabis gummies brand in California with 21% market share1. PLUS has launched in Nevada with its infused-gummies product line, which includes the #1 & #2 best-selling cannabis products in California across all categories1.
Nevada is a key market for building an internationally recognized brand:
Nevada surpassed retail sales expectations in its first year of adult-use sales, and sales are expected to surpass $1.2 billion by 20222. With over 45 million visitors a year from all over the world, Nevada is a key market to building an internationally recognized brand. As in California, edible products have continued to increase in popularity, growing from 14.5% of recreational sales beginning in Q3 2017 to 18% today3.
PLUS is leading manufacturing operations to maintain quality and consistency:
TapRoot demonstrated that they are the ideal partner by providing the facilities for PLUS to easily and quickly deploy its machinery, ingredients and people to ensure that the product maintains its consistently high quality standards both in California and Nevada. PLUS intends to expand into further jurisdictions outside of California and Nevada using a similar partnership model to ensure quality and consistency across all markets.
“Operating in Nevada only four months after signing a definitive agreement with TapRoot is a testament to our commitment to execution in building a national footprint,” said Jake Heimark, co-founder and CEO of PLUS. “We have created and commercialized the best-selling gummies brand in California. Now with this expansion, we aim to replicate this successful strategy in Nevada and ensure high-quality cannabis products reach more consumers in the U.S.”
- Over the last twelve months by units and dollars of retail sales according to BDS Analystics
- Arcview Market Research & BDS Analytics: The State of Legal Marijuana Markets 6th Edition Update
- According to BDS Analytics
California THC: PLUS cannabis infused edibles are available in over 360 licensed retailers across the state of California.
Nevada THC: PLUS cannabis infused gummies are currently available at 3 Medmen Las Vegas locations, and are expected to be rolled out to dispensaries across Nevada in the coming weeks.
PLUS is a hemp and cannabis food company focused on using nature to bring balance to consumers’ lives. PLUS’s mission is to make cannabis safe and approachable – that begins with high-quality products that deliver consistent consumer experiences. PLUS is headquartered in San Mateo, CA with 80 employees.
For further information contact:
CEO & Co-founder
Director of Investor Relations
Tel +1 213.282.6987
Third Street Media Group
Tel +1 213.712.8811
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This press release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (each, a “forward-looking statement”). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur and include, but are not limited to, statements relating to: the retail sales expectations in Nevada; the importance of the Nevada market and its role in building an internationally recognized brand; the continued ability for TapRoot to serve as a manufacturing operations partner to PLUS and role that this partnership will play in ensuring that PLUS can maintain quality and consistency across markets; PLUS’ commitment to building a national footprint; the aim and the ability for PLUS to leverage off of the Nevada expansion to replicate its successful strategy to ensure high-quality cannabis products reach more consumers across both markets; and the expectation that PLUS cannabis infused gummies are expected to be in dispensaries across Nevada in the coming weeks.
These forward-looking statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the success of the Company’s investments, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of the Company’s products, customer experience and retention, the continued development of adult-use sales channels, managements estimation of consumer demand in in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete capital projects and facilities improvements, the ability to expand and maintain distribution capabilities, the impact of competition, the ability of the Company to implement initiatives and the possibility for changes in laws, rules, and regulations in the industry. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ff999adc-5127-491e-82c1-8f7a279e8f5e
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