Green Growth Brands recovers
Green Growth Brands (GGBXF) slumped yesterday on the news that Aphria (APHA) rejected Green Growth Brands’ takeover bid. In return, Green Growth responded saying that it continues to believe that the combined business will benefit the shareholders of both companies. However, another positive development helped the stock recover almost all of its lost ground.
On February 7, Green Growth Brands announced that it had signed a licensing agreement with Authentic Brands Group and the Greg Norman brand. The agreement enables Green Growth Brands to develop a line of cannabidiol infused personal care products. Further, Green Growth will work with Tilray (TLRY) as the key supplier of the CBD ingredients that will be used in these products.
This is Green Growth Brands’ second such agreement in the span of one month to create more value for shareholders. Peter Horvath, CEO of Green Growth Brands, said, “This agreement allows us to work with a world-renowned athlete and entrepreneur in Greg Norman while partnering with Authentic Brands Group, who have been the visionaries behind some of the world’s most iconic and celebrated brands. We will also be taking advantage of the relationship between ABG and Tilray to ensure the safety and reliability of our new product line.”