A Green Growth Brands Inc. (OTC: GGBXF) subsidiary has entered into a licensing agreement with Authentic Brands and the Greg Norman brand to develop a line of CBD-infused personal care products.
What Happened
Under the terms of the agreement between Green Growth Brands' GGB Beauty LLC, Authentic Brands Group and World Golf Hall of Fame member Greg Norman's brand, Green Growth Brands will also be working with Tilray Inc. (NASDAQ: TLRY).
Tilray will be the preferred supplier of the CBD ingredients in the products.
Last month, Tilray and Authentic Brands Group signed a long-term revenue sharing agreement to produce and distribute a portfolio of consumer cannabis products within ABG's brand portfolio.
Why It's Important
This agreement builds on top of Green Growth Brands' recent moves, particularly an agreement with footwear retailer DSW Inc. (NYSE: DSW) that allows the former to sell CBD-infused personal care products in some of the footwear retailer's locations.
With the recent passage of the 2018 Farm Bill that legalizes CBD products across the U.S., Green Growth Brands is expanding quickly to take advantage of new opportunities.
What's Next
Green Growth Brands has been trying to acquire Aphria Inc. (NYSE: APHA), and although its offer was rejected, it still intends to pursue the takeover, according to a statement released Wednesday.
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