Green Growth Brands (GGB), an Ohio-based CBD company, has plans to take malls by storm as it moves to open 70 shops that are all intended to sell cannabidiol (CBD) infused products. All these locations fall under Brookfield Properties in the United States. With these locations, the company stands to reach a total of 280 locations by 2019’s end.
This comes after Simon Property Group, America’s largest mall owner, stated in February, that it was partnering with GGB, to open 108 locations selling CBD infused products.
In a statement from GGB CEO Peter Horvath, the company realizes that consumers prefer to purchase beauty and personal care products at physical locations, as opposed to doing so online and, therefore, a partnership such as this with Brookfield Properties allows access to millions of potential clients.
At the time of writing, GGB has seven shops that reside in Brookfield locations. These include the Illinois based Oakbrook Center and the Las Vegas-based Show Mall.
There is no better time for this kind of move as the CBD industry is now seeing massive growth. In fact, Brightfield Group, a cannabis research firm, has predicted that the CBD industry could become an over $20 billion business in the year 2022.
In December 2018, Congress made CBD derived from hemp a legal substance. The substance is now being used in many applications including soft drinks, tea, pet treats, and makeup, even though the FDA has prohibited its addition to anything orally ingested as research is still inconclusive.
Consumer interest in CBD is rising, and mall owners seem to share it. However, many retail giants such as Target and Walmart have decided to not jump on the CBD bandwagon for now.
Sandeep Mathrani, CEO of Brookfield Properties, stated that it is his firm’s responsibility to seek out offerings that are in the interest of consumers and GGB’s CBD products fit that description.