Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) (the “Company” or “PLUS”), a leading cannabis branded products company in the U.S, today announced the launch of its best-selling gummies1 into the Nevada market. The products are manufactured through the Company’s partnership with TapRoot Holdings Inc. (“TapRoot”), a vertically integrated cannabis company operating cultivation and manufacturing facilities in Las Vegas, Nevada. Commercialization comes just four months after PLUS and Taproot entered into a definitive agreement.
PLUS expands with a successful product portfolio:
PLUS is the #1 cannabis gummies brand in California with 21% market share1. PLUS has launched in Nevada with its infused-gummies product line, which includes the #1 & #2 best-selling cannabis products in California across all categories1.
Nevada is a key market for building an internationally recognized brand:
Nevada surpassed retail sales expectations in its first year of adult-use sales, and sales are expected to surpass $1.2 billion by 20222. With over 45 million visitors a year from all over the world, Nevada is a key market to building an internationally recognized brand. As in California, edible products have continued to increase in popularity, growing from 14.5% of recreational sales beginning in Q3 2017 to 18% today3.
PLUS is leading manufacturing operations to maintain quality and consistency:
TapRoot demonstrated that they are the ideal partner by providing the facilities for PLUS to easily and quickly deploy its machinery, ingredients and people to ensure that the product maintains its consistently high quality standards both in California and Nevada. PLUS intends to expand into further jurisdictions outside of California and Nevada using a similar partnership model to ensure quality and consistency across all markets.
“Operating in Nevada only four months after signing a definitive agreement with TapRoot is a testament to our commitment to execution in building a national footprint,” said Jake Heimark, co-founder and CEO of PLUS. “We have created and commercialized the best-selling gummies brand in California. Now with this expansion, we aim to replicate this successful strategy in Nevada and ensure high-quality cannabis products reach more consumers in the U.S.”
- Over the last twelve months by units and dollars of retail sales according to BDS Analystics
- Arcview Market Research & BDS Analytics: The State of Legal Marijuana Markets 6th Edition Update
- According to BDS Analytics
California THC: PLUS cannabis infused edibles are available in over 360 licensed retailers across the state of California.
Nevada THC: PLUS cannabis infused gummies are currently available at 3 Medmen Las Vegas locations, and are expected to be rolled out to dispensaries across Nevada in the coming weeks.