Growth spurt

Liz Parks
Contributor

Green Growth Brands is swiftly opening a variety of retail brands selling cannabis and CBD products targeted to specific customer types, intending to give each brand mass appeal through different emotional positionings.

CEO Peter Horvath previously served as an executive at retailers including Victoria’s Secret and DSW, and says the company focuses on customers from the time they pull into a parking lot to the time they leave the store. “It’s a completely new concept in the world of cannabis,” he says.

Green Growth, which launched in March 2018, acquired and remodeled the first of its brands, a Las Vegas cannabis dispensary called The+Source, last year. Currently there are two, with 1,200 square feet of selling space and 3,000 to 5,000 square feet of total space. Horvath says the average customer spends $45-$55 per visit. “Margins average about 55 percent, and annual sales are trending to about $18.5 million,” he says. Each store does an average of 1,000 transactions a day.

GGB opened its first mall-based Seventh Sense kiosk in February, selling products made with the cannabis compound cannabidiol. The company plans Seventh Sense to be in about 200 malls by the end of this year and 450 malls by the end of 2020. The kiosks offer private label and branded CBD products for face, bath, body and pain relief; Horvath says they typically generate 45 percent customer conversion and high customer return visits.

Two additional concepts will launch this year in Nevada: cannabis dispensary CAMP and Green Lily, targeting women and carrying high-prestige beauty and personal care products.

Horvath says Green Growth is building stores that “have easy assortment navigation that enables tier migration and related selling, a weapon that nobody in cannabis has right now because they don’t have the cross-functional team that we have.”

Green Growth Brands Inc.
Columbus, Ohio
CEO and co-founder: Peter Horvath
Locations: 3