Mr. Peter Horvath reports
GREEN GROWTH BRANDS SOLIDIFIES NEVADA MARKET POSITION WITH AWARD OF SEVEN ADDITIONAL CANNABIS LICENSES
The Nevada Department of Taxation has awarded Xanthic Biopharma Inc. (doing business as Green Growth Brands) seven retail cannabis dispensary licences to operate in the state. Through this expansion, Xanthic Biopharma has positioned itself to become one of the largest cannabis operators in Nevada.
Peter Horvath, chief executive officer of Xanthic Biopharma, commented: "Our presence in Nevada has been strategic from the start. With three million residents and 42 million annual visitors, this is a market like no other, which is why we chose Nevada as the first state where we will present the full expression of our brands, products and services. At maturity, we see Nevada as a consumer market that represents $150 [million] (U.S.) to $250-million (U.S.) in revenue potential to GGB with 10 or more dispensaries across multiple brand formats.
"We continue to be impressed with the regulatory process in Nevada and feel that these new licences reflect the confidence officials have in Green Growth Brands and our ability to operate high-quality and compliant dispensaries.
"With the award of seven licences yesterday, we are accelerating our timeline to realize the full market potential in Nevada. It goes without saying that this degree of organic growth (licence awards versus merger and acquisition activity) enhances our financial models for achieving growth in both revenue and shareholder value."
Xanthic Biopharma currently operates The+Source, the premier cannabis store in Las Vegas, Nev., as well as a grow and production facility in Nevada.
About Xanthic Biopharma Inc.
Xanthic Biopharma expects to dominate the cannabis and CBD market with a portfolio of emotion-driven brands that people love. Led by renowned retailer Mr. Horvath, the Xanthic Biopharma team is full of retail renegades with decades of experience building successful brands.
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