The biggest mall owner inside country will be about to open more than 100 shops selling products infused with CBD, short for cannabidiol.
Simon Property Group on Monday said the item was partnering with Ohio-based cannabis firm Green Growth Brands to open 108 GGB locations This kind of year at Simon’s U.S. malls, which include Roosevelt Field Mall in brand new York in addition to The Galleria in Houston.
“We are constantly on the lookout for cutting-edge brand new concepts…” John Rulli, president of Simon Malls, said in a press Discharge. “We are committed to adding brand new in addition to dynamic retailers in addition to uses to our shopping destinations, in addition to the GGB shopping experience will be exactly the type of innovation our customers want in addition to expect coming from us.”
The two companies said the first location will open in March at Castleton Square Mall in Indianapolis. The others are slated to open later This kind of year. Thanks to This kind of partnership, GGB said the item will also start to open more shops under its Seventh Sense Botanical Therapy (“Seventh Sense”) brand for CBD-infused body care.
For GGB, the deal will help the cannabis company raise more awareness about its brands in addition to promote education around the booming, albeit controversial, CBD industry at large. The increasingly favorite (CBD) compound, which comes coming from the cannabis plant, promises to deliver the calming benefits of marijuana without the high which comes coming from THC.
Most CBD was legalized in December when President Donald Trump signed the farm bill. However, Food in addition to Drug Administration regulations still prohibit CBD coming from being added to foods in addition to drinks, which could present some hurdles for restaurant owners already selling the item in coffee in addition to cocktails.
For Simon, landing GGB as a national tenant will help the landlord fill empty space at its properties. Mall owners have been struggling in recent months to fill storefronts as brands like Gymboree in addition to Sears go bankrupt in addition to shut stores or scale back their real estate like Gap in addition to Victoria’s Secret. Simon has been turning to non-retail tenants like apartments in addition to hotels to fill which empty space.
Also on Monday, luxury department store chain Barney’s said the item will be opening a “cannabis lifestyle shop” in its Beverly Hills store next month, promising more locations to come. The retailer said the space, known as “The High End,” will sell an exclusive vaporizer pen, pastilles in addition to different CBD-related items.
SouthIndianNews.com’s Angelica Lavito contributed to This kind of reporting.