Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) is a branded cannabis-infused products manufacturer of edibles created to support a healthy and active lifestyle. Headquartered in San Mateo, California, PLUS™ concentrates on producing edibles using extracts to ensure compliant, dosable and delicious products that provide a consistent cannabis experience.
First introduced to the market in 2015 to rave reviews, PLUS™ is now one of the top best-selling edible brands in California. PLUS™ operates through a wholly owned subsidiary, Carberry, and has four cannabis-infused gummy candy SKUs (in addition to limited edition SKUs), that are currently sold in over 200 licensed dispensaries and delivery services. All products under
the PLUS™ brand are produced in the company’s 12,000-square-foot food-safe cannabis manufacturing facility in Adelanto, California.
PLUS Products shares are currently listed on the Canadian Securities Exchange. PLUS™ raised CAD$20 million through the offering, for which the lead underwriters were PI Financial and Canaccord Genuity. The company intends to use a portion of the IPO proceeds to fund rapid product capacity expansion, factory automation, working capital and new product development.
Operating in the largest adult-use recreational market in the U.S., PLUS Products holds a temporary manufacturing license in California and was one of the first brands to bring fully compliant products to the legal market. California legalized adult use recreational sales on Jan. 1, 2018, and industry analysts expect edible sales there will continue to amass enviable revenues.
According to BDS Analytics, edibles made up 18 percent of marijuana retail sales in February 2018 across licensed retailers in California, with PLUS™ products ranking in the Top 10 of edible brands by retail dollar sales.
- California consumers purchased $180 million worth of cannabis-infused food and drinks in 2017 – 10% of the state’s total marijuana sales – with that percentage rising to 18% in February 2018.
- Cannabis-infused gummies have a much wider appeal since they are less conspicuous to consume and provide a smoke-free experience
- Advances in technology allow manufacturers of cannabis-infused edibles to tweak concentrations of THC and CBD
- The Specialty Food Association has named cannabis edibles as one of the Top 10 food trends of 2018