Green Growth Brands

About Green Growth Brands

Green Growth Brands (GGB) operated as a multi-state cannabis and CBD company headquartered in Columbus, Ohio, before its ultimate collapse. The company was brought to prominence by CEO Peter Horvath, a veteran retail executive with C-suite experience at major brands like Victoria's Secret, American Eagle Outfitters, and DSW. Horvath, along with financial backing from the Schottenstein family, aimed to apply sophisticated retail strategies to the emerging cannabis market. The company's strategy was twofold: operating THC dispensaries in regulated U.S. markets and establishing a widespread CBD business through mall kiosks and partnerships with mainstream retailers.

The business model involved both vertically integrated cannabis operations and a consumer-packaged goods approach for its CBD segment. For its THC business, GGB operated dispensaries in Nevada, Massachusetts, and Florida, under brands like The+Source. The company developed its own cannabis brand, CAMP, to create a unique consumer experience. The CBD arm focused on personal care, beauty, and wellness products under brands like Seventh Sense and Green Lily, sold via a large network of mall kiosks and in stores such as DSW and American Eagle. This dual approach was intended to capture a wide spectrum of consumers, from medical and recreational cannabis users to wellness-focused shoppers. Revenue was generated through direct-to-consumer sales at dispensaries and kiosks, e-commerce, and wholesale agreements.

Despite its ambitious expansion and high-profile leadership, Green Growth Brands faced significant financial distress. The company pursued aggressive growth, including a failed hostile takeover bid for Canadian producer Aphria and a scrapped merger with Moxie. It struggled with cash flow, reporting substantial losses and accumulating significant debt. In March 2020, Peter Horvath stepped down as CEO amid growing financial turmoil. The company's situation was worsened by the COVID-19 pandemic, which forced the closure of its mall-based CBD operations. In May 2020, Green Growth Brands filed for insolvency protection under the Companies' Creditors Arrangement Act (CCAA) in Canada, citing a severe liquidity crisis. Following the filing, the company entered into a sales process for its assets, ultimately ceasing all operations by March 2021.