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Will PLUS Products “Science Backed” Rebrand Help Maintain Their Market Dominance In California?

Jul 22, 2019 • 11:08 AM EDT
5 MIN READ  •  By Michael Berger
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During the last few months, the cannabis sector has been under considerable pressure and this is a trend that we continue to monitor. We have been focused on companies that have been especially impacted by the recent pressure and want to highlight Plus Products Inc. (PLUS.CN) (PLPRF) in particular.

During the last year, Plus Products has become a household name in California’s cannabis industry and this is an opportunity that we have been excited about. Plus Products is a leading cannabis infused product company, with the #1 and #2 best-selling cannabis products in the state over the last twelve months when measured by the number of units sold and by the dollars of retail sales (according to BDS Analytics).

Announces Rebrand Strategy with a Science Forward Approach

Last week, the leading cannabis infused product company announced a new look for its line of low dose cannabis infused edibles and brought on some of the best firms to assist with this process. When looking at how the Plus Products story has advanced over the last few years, you will notice that the company has some of the best partners in the business as it relates to multiple facets of the business (received strategic capital from leading hedge fund Tiger Global, hired the former President and CMO of Popchips, and acquired other leading cannabis brands).

Plus Products’ rebrand was guided by market structure research from Henry J. Rak Associates and designed by Partners & Spade, an agency that has worked alongside leading brands such as Peloton and Warby Parker. The approach of the rebrand is focused on the science behind unique combinations of THC and CBD. During the last year, there has been a significant increase in the number of cannabis infused product companies across the US that offer products that are classified as Sativa, Hybrid or Indica. The strategy behind Plus Products is to create the right mix of cannabinoids paired with a targeted flavor profile to enhance the consumer experience.

We have visited hundreds of dispensaries across the US and the experience when it comes to edibles tends to be overwhelming. There are hundreds of edible companies that offer traditional cannabis infused products (Sativa, Hybrid or Indica) and this makes it challenging for companies to gain shelf space in competitive markets.  Although Plus Products has not had any issues when it comes to gaining shelf space in California (available at over 300 licensed retailers across the state), we expect this strategy to make it easier for the company to penetrate new markets like Nevada.

Nevada Represents a Visible Growth Opportunity

When it comes to the Nevada cannabis market as it relates to Plus Products, we are excited about this opportunity and believe that this is just the start of a much larger expansion. The company expects to start selling branded products at licensed retailers in Nevada by the end of the summer and are bullish on the growth prospects associated with this.

Las Vegas is one of the most important cannabis markets in the US and we expect Plus Products to benefit from the size of this market and from the brand awareness created by this market. On an annual basis, Sin City attracts more than 42 million tourists, and this has made Nevada a primetime destination for cannabis businesses. The leverage to Las Vegas will play a key role when it comes to enhancing awareness for the Plus Products brand and we are favorable on the partner that the company has chosen to capitalize on this market.

Less than two months ago, Plus Products signed a definitive agreement to partner with TapRoot Holdings, a vertically integrated cannabis company with cultivation and manufacturing facilities in Las Vegas. TapRoot has received 7 of the 61 newly issued retail licenses in late 2018 and represents a strategic partner that has state-of-the-art extraction capabilities.

When it comes to creating a leading cannabis brand, a company needs to offer a high-quality consistent product. Plus Products is led by a management team that has decades of experience in the consumer packaged goods industry and that has made quality and consistency and key pillar of the company.

In regard to TapRoot, Plus Products conduced significant due diligence to make sure that company branded products remain consistent both in California and Nevada. We are excited about the upcoming launch in Las Vegas and expect this to be a catalyst for the overall business.

An Opportunity to be Watching

2019 has been a banner year for Plus Products and we are impressed with the way the fundamental story has advanced. So far this year, the company has strengthened its balance sheet, made strategic additions to the management team, entered new markets (Nevada), has completed acquisitions (GOOD CO-OP), and has secured additional distribution in California.

We believe that Nevada is just the start of something much bigger for Plus Products and this is an opportunity that we are excited about. One of the reasons we are favorable on Plus Products is due to the type of investors that it has attracted. The company has received large investments from some of the most significant hedge funds that are focused on the cannabis industry and this is a testament to the quality of the opportunity. 

We believe that the next phase of growth in the cannabis industry will be related to brands and Plus Products should be a beneficiary of this. Earlier this year, Select, a leading US cannabis concentrate company, was acquired for almost $1 billion and this was a development that caught our attention. To learn more about how Plus Products plans to be a leading cannabis infused product company, please email support@technical420.com.

 

 

 

Pursuant to an agreement between StoneBridge Partners LLC and PLUS Products Inc. we have been hired for a period of 365 days beginning March 21, 2019 and ending September 21, 2019 to publicly disseminate information about (PLUS) including on the Website and other media including Facebook and Twitter. We are being paid $5,000 per month (CASH) for or were paid “96,000” shares of restricted common shares. We own 156,000 shares of (PLUS), which we purchased in via private placement. We may buy or sell additional shares of (PLUS) in the open market at any time, including before, during or after the Website and Information, provide public dissemination of favorable Information. On November 1st 2018 StoneBridge Partners LLC sold 50,000 restricted shares of (PLUS) to a private investor via a direct sale.

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

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