The biggest mall owner inside the country is usually about to open more than 100 shops selling products infused with CBD, short for cannabidiol.
Simon Property Group on Monday said the idea was partnering with Ohio-based marijuana company Green Growth Brands to open 108 locations selling CBD products This kind of year at Simon’s U.S. malls, which include Roosevelt Field Mall in completely new York along with The Galleria in Houston.
“We are constantly on the lookout for cutting-edge completely new concepts,” John Rulli, president of Simon Malls, said in a press Discharge. “We are committed to adding completely new along with dynamic retailers along with uses to our shopping destinations, along with the GGB shopping experience is usually exactly the type of innovation our customers want along with expect by 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 idea will be able to open more shops under its Seventh Sense Botanical Therapy (“Seventh Sense”) brand for CBD-infused body care.
Peter Horvath, the CEO of GGB, told CNBC the company is usually already in talks with 5 some other major real estate developers along with plans to have 300 locations open (including the 108 with Simon) by the end of 2019. “The mall developers … are inside the business of renting space. They need more food along with personal care along with less clothing,” Horvath said. “We fit into one of the categories of which’s growing. of which’s not an accident.”
For GGB, the deal will help the cannabis company raise more awareness about its brands along with promote education around the booming, albeit controversial, CBD industry at large. The increasingly common compound, which comes by the cannabis plant, promises to deliver the calming benefits of marijuana without the high of which comes by THC.
Most CBD was legalized in December when President Donald Trump signed the farm bill. However, Food along with Drug Administration regulations still prohibit CBD by being added to foods along with drinks, which could present some hurdles for restaurant owners already selling the idea in coffee along with 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 such as Gymboree along with Sears go bankrupt along with shut stores or, like Gap along with Victoria’s Secret, scale back their real estate. Simon has been turning to non-retail tenants like apartments along with hotels to fill of which empty space.
Also on Monday, luxury department store chain Barney’s said the idea 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 along with some other CBD-related items.
“This kind of is usually not a pop-up, [the idea’s] not a temporary space,” Barney’s creative director, Matthew Mazzucca, said. “the idea’s a category of which we are embracing along with getting behind.”
contributed to This kind of reporting.