American Eagle to sell CBD products by cannabis firm GGB in its stores
Category: #retail  By Pankaj Singh  Date: 2019-07-13
  • share
  • Twitter
  • Facebook
  • LinkedIn

American Eagle to sell CBD products by cannabis firm GGB in its stores

The retail giant is set to sell CBD infused products across 500 stores and online by October 2019.

Ohio based cannabis company- Green Growth Brands (GGB) has reportedly announced to have bagged a deal with clothing company – American Eagle to supply them with its CBD infused products. The announcement comes along the heels of rival company – Abercrombie & Fitch announcing to sell Green Growth Brands’ products in over 160 stores across the U.S. last month.

Reportedly, GGB will be supplying its CBD infused body care products like lotions and muscle balms in approximately 500 stores of American Eagle and online from October.

According to a statement by Green Growth Brands, American Eagle is its third major partner till date, others being DSW and Abercrombie. Several companies are resorting to selling CBD products considering the potential of the industry to become a $22 billion market by 2022 citing research carried out by Brightfield Group – a cannabis focused research group.

For the record, Congress had legalized CBD derived from industrial hemp in December. The non-intoxicating cannabis compound is being used as an ingredient in various products like tea, pet treats, make up and soft drinks defying the rule set by U.S. Food and Drug Administration from being added to food, beverages and dietary supplements.

On the contrary, despite several retail giants showcasing their interest in selling cannabis skin care products, mainstream retailers like Walmart and Target have remained on the sidelines.

Citing reports, specialty retailers like GNC and Vitamin Shoppe have introduced cannabis infused products across a few states, while earlier this year, Barney’s – a luxury department store launched “The High End” – a cannabis lifestyle store in its Beverly Hills unit.

Apparently, GGB has signed deals with Simon and Brookfield to supply cannabidiol. Brookfield is reportedly opening 70 Green Growth Brand locations while Simon is opening 108 stores.

As per sources, this year, American Eagle shares are down by 14%.

Source Credits : https://www.cnbc.com/2019/07/11/american-eagle-to-sell-green-growth-brands-cbd-products-in-500-stores.html



About Author

Pankaj Singh

Email: [email protected]   

Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

More News By Pankaj Singh

US buys all of the global supply of Gilead’s COVID-19 drug remdesivir
US buys all of the global supply of Gilead’s COVID-19 drug remdesivir
By Pankaj Singh

While top-notch companies are racing to develop a vaccine for COVID-19, it looks like the United States has secured almost all of the world’s supply of interim drug remdesivir to treat patients with COVID-19.

...

Potential COVID-19 vaccine by Bharat Biotech to enter clinical trials
Potential COVID-19 vaccine by Bharat Biotech to enter clinical trials
By Pankaj Singh

Bharat Biotech International, a leading Indian biotechnology company, has reportedly announced that its potential coronavirus vaccine, Covaxin, has received Drug Controller General of India (DCGI) approval to start hum...

Seattle Genetics reveals positive data from tisotumab vedotin trial
Seattle Genetics reveals positive data from tisotumab vedotin trial
By Pankaj Singh

Seattle Genetics, Inc., a renowned biotechnology firm that focuses on developing antibody-based cancer treatments, has recently revealed positive topline data from its Phase 2 clinical trial (innovaTV 204) assessing ti...