Schottenstein family’s Green Growth Brands focuses on marijuana retail merchandise in Canada.
The Schottensteins are going to bring their experience running DSW and American Eagle to the marijuana trade.
After failing to receive a marijuana cultivation license in Ohio, the central Ohio family has turned to building a number of brands around cannabis products, including health and beauty items, a chain of dispensaries — the retail spaces where people buy cannabis products — and what the company calls “lifestyle” brands.
The new company, Green Growth Brands, raised $65 million from investors and will soon be listed on the Canadian stock exchange. Canada legalized marijuana this month, making businesses openly focused on growing and selling cannabis less of a risk than in the U.S. where marijuana is still illegal at a federal level.
The company declined to be interviewed for this story, but Green Growth CEO Peter Horvath, a veteran of L Brands and the Schottensteins’ DSW and American Eagle companies, has spoken to Bloomberg News and CNBC.
“We’ve got decades of experience competing for customers,” Horvath told Jim Cramer last week on Cramer’s CNBC show. “We’ve built brands from scratch.”
Horvath told Bloomberg that the company’s experience building brands like Victoria’s Secret and Bath and Body Works should translate into the cannabis space, where major retail players have yet to tread. Cannabis is legal in some form in a number of states, but there isn’t any uniform regulation around the industry yet.