Plus Products (CSE:PLUS)
- Ticker 2:OTC:PLPRF
- CEO:Jacob Heimark
Plus Products (CSE:PLUS) Stock Price
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Plus Products (CSE:PLUS) Company Overview
PLUS is a hemp and cannabis food company with the goal of "using nature to bring balance to consumers' lives."
PLUS primarily focuses on selling cannabis-infused gummies, which the company introduced in 2016. They contain precisely five milligrams in cannabinoids per cube, with each flavour containing a unique mix of THC and CBD in order to elicit different effects. PLUS also makes purely CBD gummies, which contain five milligrams of nothing but cannabidiol – the active compound in cannabis which doesn't get you high.
Headquartered in San Mateo, CA, PLUS has 80 employees, and PLUS products are currently available in 360 licensed retailers in California. Not only that, but PLUS sells California's #1 & #2 best-selling cannabis products.
The company has propelled its growth through a series of acquisitions and strategic partnerships, for example, in June last year PLUS acquired an option to purchase Emerald Bay Wellness LLC, a California-based cannabis oil manufacturer. Emerald Bay Extracts was one of PLUS's largest suppliers of cannabis oil and had been a supply partner to PLUS for over a year. Through the acquisition, PLUS gained the opportunity to directly interact with the cannabis plant to continue to explore the potential benefits it is capable of delivering.
In order to open the gates to the Nevada market, PLUS entered into a definitive agreement to partner with TapRoot Holdings Inc., a vertically integrated cannabis company operating cultivation and manufacturing facilities in Las Vegas. The partnership gives PLUS access to the Nevada market, where sales are expected to surpass $700 million in 2020 (according to Arcview Market Research and BDS Analytics). With over 45 million visitors a year from all over the world, Nevada is a crucial market to building an internationally recognized brand.
The company also collaborated with the company Casper Sleep, valued at $1 billion, in conjunction with the release of PLUS's CBD-infused sleep product in order for both companies to further pursue sleep health.
Finally, PLUS made the shift from its primary California distribution partner from Calyx Brands Inc. to HERBL Distribution Solutions for the Company's best-selling cannabis products, giving PLUS access to more than 600 licensed retailers in California.
PLUS is the #1 cannabis gummies brand in California with 25% market share in 2019 YTD, according to BDS Analytics. PLUS's latest financial results showed that the company's net revenues climbed to $3.5 million in Q3 2019, representing a 38% year-over-year growth compared to Q3 2018. Gross Revenues increased to $3.9 million, representing a 50% year-over-year growth compared to Q3 2018 of $2.6 million.
While there is uncertainty surrounding the CBD industry, previous predictions estimated that U.S. CBD market would reach $20 billion by 2025, and few are better positioned than PLUS to capitalise on that market.
- Address:3 East Third Avenue, San Mateo, CA 94401, USA
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