October 31st, 2018
Plus Products (CSE:PLUS) is one of the top five cannabis-infused edibles companies in the California market – the largest, most competitive in the United States and boasts two of the top ten selling edible products according to BDS Analytics . Plus Products recently went public on the Canadian Securities Exchange on October 30, 2018.
The company introduced its products in 2015, and has scaled its business and operations successfully while maintaining its vision of making cannabis “safe and approachable”. Plus Products holds a temporary manufacturing license granted in California, and was one of the first to introduce fully compliant products under California’s regulated program that launched in January 2018.
The Plus development team includes chefs, chemists, engineers, food manufacturing experts, machinists, visionaries and creatives, who work collaboratively to pair high-quality extracts with carefully selected ingredients to create regulation-compliant, dosable and delicious products for adult consumers, medicinal and recreational alike. The result is consistent, low calorie but great tasting edibles. Its executive team has a proven record of savvy forward thinking and while there are plans for eventual expansion into additional markets, it remains laser focused on captivating the California market first.
Seizing on Market Shifts
Cannabis extract-based products are the fastest growing segment of the regulated cannabis industry, as customers (especially those new to cannabis) move away from smoking and explore new delivery options. Plus is well positioned to capitalize on this shift. Just like Colorado and Washington, the legalization of adult recreational use in California was accompanied by a sharp increase in the sale of cannabis-infused edibles, making up 18% of total marijuana-related sales in February alone.
California legalized adult recreational use on January 1, 2018 and by April, Plus had already realized $1.4 million in retail sales [in April alone] according to BDS Analytics. Later that same month, the company announced it had secured series B financing sufficient to allow it to expand its operations to meet the growing demand for its branded product. As a result of its fundraising (including its IPO, concluded in October 2018), Plus has the funding needed to build a full-scale, dedicated cannabis food manufacturing facility, enabling an estimated $150M in annual production, with the potential to expand to $450M.
The market is evolving rapidly, with massive growth in branded products, and Plus has proven itself a leader in the field. Its gummies are packaged in child-proof, resealable tins with distinctive labeling, in six current offerings, including two seasonal, limited edition flavours, each labelled Indica, Sativa, Hybrid, or CBD, and sold 20 pieces per tin.
Its Restore gummies are Indica, 9:1 THC to CBD, blackberry & lemon flavored, designed for customers who want to unwind. Its Uplift product is a sour watermelon-flavored Sativa gummy suited for daytime use. Create gummies are a sour blueberry Hybrid blend designed to boost mood and stimulate creativity. CBD Relief is pineapple & coconut flavored and designed to provide pain relief. Additionally, there are two seasonal offerings for 2018; Rainbow Sorbet sold during the summer – an anytime treat with a portion of the proceeds going to support a suicide prevention hotline for LGBT youth – and Rose & Vanilla, available throughout the winter and designed to put users in a loving mood.
Keeping Up With Growing Demand
Through its distribution partner, Plus Products currently sells to over 200 licensed dispensaries and delivery service customers, and an expanded product line is currently in the works. Recently-acquired candy manufacturing and packaging equipment will allow the company to boost its capacity from $7m to $50m annually, and an investment in testing equipment and key staff ensures consistency while bolstering research and development. The company believes its current manufacturing facilities are adequate in the short term but has been executing on its plan to expand as demand for its products grows.
For more information, please visit the company’s website: https://www.plusproducts.com/
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About Tony Deyes
MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers