Plus Products Inc.’s (CSE: PLUS) (OTCQB: PLPRF) CEO Presents at Canaccord Genuity’s Annual Cannabis Conference
- PLUS’ CEO presented at the New York conference and met with investors
- Canaccord Genuity issued a ‘Speculative Buy’ rating on the company, citing planned expansion and a move into baked goods/mints
- BDS Analytics reports that PLUS is California’s number one cannabis-infused edibles brand
Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) co-founder and CEO Jake Heimark presented at Canaccord Genuity’s Third Annual Cannabis Conference on May 14, held in New York City. He also planned to meet with investors. PLUS products had received a favorable ‘Speculative Buy’ rating from Canaccord Genuity (“CG”), which discussed the company’s planned move into baked goods and mints, as well as its expansion to retailers beyond its exclusive California base (http://ibn.fm/rHXUB
). Baked goods account for about 10 percent of cannabis edibles sales in California (http://ibn.fm/ffnWd
PLUS stated that BDS Analytics’ retail sales data reported that its product lines made up the number one cannabis-infused edibles brand in California retail sales and units sold in Q3 and Q4 2018 (http://ibn.fm/nzPsP
Plus Products received a price target of C$8 in its initial coverage from CG. Real Money noted that growth in product offerings was a factor, and the company’s geographic expansion was also an important issue (http://ibn.fm/BvAul
). The site noted that PLUS may offer its top-selling cannabis-infused gummies beyond California into Nevada and Oregon, with future growth in additional states such as Massachusetts, Florida, Michigan and New York.
“We estimate the expansion states and Canada could represent a combined market of more than $10 billion by 2022,” CG analyst Bobby Burleson stated in the analysis. CG also projected that Plus Products could sell 3.7 million packages of gummies in 2019, as compared to an estimated 1.4 million in 2018. CG sees PLUS gummies’ market share in California growing from 8 percent in 2018 to 15 percent in 2019, reaching a projected 28 percent by 2020. CG’s report said that gummies represent 36 percent of the cannabis edibles market in California (http://ibn.fm/SfNOu
San Mateo, California-based PLUS is a cannabis-infused branded products manufacturer selling to regulated medicinal and adult-use recreational markets in California. PLUS is focused on building the largest cannabis brand by growing organically and through acquisitions.
For more information, visit the company’s website at www.PlusProducts.com
NOTE TO INVESTORS: The latest news and updates relating to PLPRF are available in the company’s newsroom at http://ibn.fm/PLPRF