One of the largest American operators of shopping centers Simon Property Group and the company Green Growth Brands (GGB), which produces marijuana, announced the beginning of cooperation.
Within its framework, 108 stores selling various products containing cannabidiol will open in the United States in the near future.
The companies said the first outlet will open in March at the Castleton Square Mall in Indianapolis. Others are slated to open later this year. They will be located in many major malls in the country, including Roosevelt Field Mall in New York and Galleria in Houston.
The deal is expected to help GGB raise consumer awareness of its products (which range from health, beauty and more) and the thriving, albeit controversial, industry in general. Simon Property, in turn, will be able to fill the area of their shopping centers. The company-owned real estate is going through hard times after a number of stores located in it have closed as a result of the bankruptcy or restructuring of the brands that own them.
“We are constantly on the lookout for exciting new concepts and strive to attract new dynamic retailers to our malls. The GGB shopping experience is exactly the type of innovation our customers expect from us,” said John Rulli, president of Simon Malls.
Peter Horvath, CEO of GGB, told CNBC that his company is already in talks with five other major property developers and plans to open 300 stores (including 108 with Simon Property) by the end of 2019.