Green Growth Brands, an Ohio-based cannabis retailer that owns both marijuana dispensaries and the nation’s largest chain of CBD retail locations in mall kiosks, reported a loss of $30.2 million for the fiscal first quarter ended Sept. 30.
The company lost $2.8 million in the same period a year ago.
Company executives attributed the current losses to the rapid expansion of its Seventh Sense-branded CBD kiosks, now in nearly 200 shopping malls.
“In a very short time, we have grown a meaningful CBD footprint,” CEO Peter Horvath said in a statement, acknowledging that the company opened 81 new shops during the quarter.
Revenue for the quarter was $12.7 million, including $5.1 million from its CBD line. The company did not report revenue for the same period a year ago.
Executives said that the mall investments position the company for a strong holiday season and a path to profitability.
“We’re in a place where we want to be, which is selling full price and relying on newness and engagement and uniqueness to drive traffic,” Horvath said.
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