Cannabis Extract Shops Coming To 100-Plus Simon Malls Nationwide
The stores, under Seventh Sense Botanical Therapy and other brands, will eventually be in 108 Simon shopping centers.
CBD is a compound found in the cannabis plant that purportedly offers therapeutic benefits but without the high of tetrahydrocannabinol, which is also found in cannabis. The Food and Drug Administration doesn't recognize CBD as a dietary supplement, but as long as CBD is extracted from hemp and has no THC, it is legal under federal law, as hemp products are covered under the 2018 farm bill.
The first Green Growth Brands shop will open at Castleton Square Mall in Indianapolis in March.
"We are constantly on the lookout for cutting-edge new concepts, like the GGB shops," Simon Malls President John Rulli said.
"We know this arrangement gives us access to the best locations, foot traffic and consumers," GGB CEO Peter Horvath said. "We look forward to introducing our retail experience and line of CBD products to Simon shoppers in the near future."
Horwath was formerly president of DSW and was also chief operating officer of Victoria's Secret.
Under the agreement, Columbus, Ohio-based GGB has issued Simon Canada about $2.2M worth of GGB common shares and 1 million common share purchase warrants of GGB stock with a strike price of $4.47/share.
GGB has also launched ShopSeventhSense.com, which will allow consumers access to hemp-derived CBD personal care and beauty products under the Seventh Sense Botanical Therapy brand.