Green Growth Brands Inc (OTCMKTS:GGBXF) has appointed Randy Whitaker as an Interim Chief Executive Officer. He is currently serving as Chief Operating Officer. It is on the backdrop of Peter Horvath stepping down as CEO. Peter also exits from the board of directors.
Ms. Carli Posner commends significant efforts of Peter
Chair of the board of directors, Ms. Carli has commended the significant efforts put in by the outgoing CEO – Mr. Peter, who is at the helm since January 2019. She wished him a better future.
Responding to the heartfelt wishes of colleagues, Peter said it is an honor for him to work with an excellent team of professionals at Green Growth during his tenure. He expressed full confidence in Randy to lead the company going forward.
Measures during COVID-19 pandemic
To safeguard the health and lives of its employees amid the ongoing coronavirus crisis, Green Growth has temporarily shut down mall-based CBD (cannabidiol) Kiosk shops. It helps the company to protect its customers as well from the exposure to COVID-19. However, the company will keep Nevada-based and Las Vegas-based dispensaries open while adopting the best practices on account of coronavirus pandemic.
Green Growth has posted revenues of $21 million (up 66%) in Q2 2020. CBD contributed $11 million (up 113%) to the overall revenues in Q2. MSO also contributed $10.1 million (33%) to the total revenues.
Green Growth has reported extraordinary growth by understanding the needs of customers and delivering innovative products. It has witnessed great demand for CBD during Q2. The company will continue to meet the demand for CBD in the future despite challenges like constraints on liquidity, near-term obligations, and overhead costs.
Green Growth decided to focus on the MSO segment and divest the CBD segment to mobilize funds and restructure debt. These measures are to improve business and provide long term value to the customers and shareholders.
Green Growth has remarkable expertise in CBD and cannabis. Its brands comprise 8 Fold, The+Source, Seventh Sense Botanical Therapy, CAMP, and Green Lily. The company expects to develop CBD infused personal care products under a licensing agreement with Greg Norman. It is also expanding cannabis operations across the US.