PLUS Products (PLUS.C) continues to extend its lead in the California edibles market with its diverse line of CBD and THC infused gummy delights.
Cannabis market research firm, BDS Analytics, crunched retail sales data for Q4 2018 and once again edible aficionados made PLUS the #1 best-selling cannabis-infused edibles brand in the Golden State.
In fact, PLUS Products not only maintained it dominance, it extended its lead over the #2 brand from the preceding quarter.
Sales data also revealed PLUS had three of the top five best-selling branded products in all product categories including flower, vaporizers, edibles and topicals.
PLUS Products’ “Uplift” and “Restore” held onto their crowns as the #1 and #2 best-selling SKUs, while the company’s “CBD Relief” took home the prize for #5 best-selling SKU, and top CBD-only SKU.
PLUS Products CEO, Jake Heimark said:
“Our objective at PLUS is to build the world’s strongest cannabis brand. When we became the top edibles brand in the largest cannabis market (California) in the third quarter of 2018, our team felt that it was only one more step in a much larger journey. We are proud that we have not only maintained, but continued to grow our position as the market leader in Q4. We hope to continue this momentum into 2019 not only in California, but in other jurisdictions as well.”
These sales figures begin 2019 on a high note, but with PLUS’ December 2018 acquisition of GOOD CO-OP, a California cannabis-infused baked goods brand, the rest of the year could get even better.
GOOD CO-OP’s tasty opportunity
The GOOD CO-OP acquisition positions PLUS to compete in baked goods, cannabis’ third largest edibles segment, with its delectable preservative-free brownies.
The ingredients for GOOD CO-OP’s bite-size delights read like a natural fine-dining menu with 72% dark chocolate, organic whole-grain rye flour, Humboldt grass-fed cannabutter and Maldon sea salt.
GOOD CO-OP’s addition to PLUS’ portfolio tops the company up with an additional 4,800 square feet of manufacturing space to its existing 12,000 square foot manufacturing facility.
Company executives expect the acquisition to become accretive this year, significantly adding to PLUS’ growth prospects.
Branding is the future of cannabis and PLUS’ model is not only working, it’s working well.
If PLUS Products can maintain its hold and build out into baking with the GOOD CO-OP brand, it could take a sizable and sustainable bite of the deliciously large North American edibles market predicted to hit USD$4.1 billion by 2022.
Shares jumped 6.89% or $0.41 on moderate trading to end the day at $6.36 per share.
Currently PLUS has 24,330,799 issued and outstanding shares with a market cap of $154.7 million.
Full Disclosure: PURE Products is an Equity.Guru marketing client.