The hits keep on coming for the cannabis and hemp-based CBD industries as Q4 and full fiscal 2019 reporting figures come online. Green Growth Brands Inc. (CSE: GGB; OTCQB: GGBXF) just released new revenue figures, showing a loss of $64 million for the fiscal year period ending on June 30.
During that time frame Green Growth reported revenue of $15.7 million. That number includes $7.2 million for Q4, an increase of nearly 30% over the previous quarter.
$1.7 million of that quarterly figure came from CBD operations, and as of the end of that quarter Green Growth had launched 58 CBD-focused shops.
Since that time the company has enacted an accelerated CBD kiosk opening schedule, with 150 separate mall locations ready for business under the Seventh Sense brand name as of early October.
Hoping the sudden surge in popularity for CBD products across the U.S. will translate to profitability in the coming months, Green Growth is expected to operate 200 Seven Sense stores by the end of the holiday season.
Discussing the latest quarterly and fiscal year figures, Green Growth’s Chief Executive Officer Peter Horvath commented:
CBD and MSO revenue will continue to be major focuses for the company into the new year, with the latter primarily coming from The+Source location in Nevada after Green Growth acquired Henderson Organic Remedies LLC at the end of the summer.
Aside from new hemp-based CBD skincare and wellness products, Green Growth also runs the Camp cannabis brand that is focused on active lifestyle customers through vape products like Stargazer, Happy Camper, and Orange Cookies.
Experiencing many of the same downward trends as other cannabis companies, Green Growth’s stock is currently trading at a fraction of its price from earlier this year. GGBXF is trading at $1.14 a share today, which represents a more than 70% drop from its high of $4.01 back in early May.
Continue Reading: Green Growth Brands is on the Ropes – Will it Survive?