$GTEH Sept. 13, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- GenTech Holdings, Inc. (OTCMKTS: GTEH) (“GenTech” or the “Company”), an emerging leader in the high-end CBD food and drinks marketplace, is pleased to announce that the Company has submitted official lease offers on its next three Healthy Leaf CBD-Infusion Cafe locations. As established in its previous communications, the Company is approaching the grand opening of its inaugural location in Montclair, NJ.
“We are on track and even ahead of schedule with our Montclair location, and it’s time to start expanding to our next three locations,” commented David Lovatt, GenTech CEO. “We are operating with the notion that we have a truly unique approach to this market. And the CBD trend continues to demonstrate aggressive and accelerating growth. So, if ever there was a time to hit the gas pedal, it’s here and now.”
Because the lease offers have not been officially accepted, the Company cannot reveal specifics that might disclose the precise locations. However, its initial Montclair location represents a strong characterization of the model being sought by the Company for subsequent locations. The Montclair location has an interior space of 1000 square feet, a large outside patio seating area, permissions allowing for acoustic band entertainment, and an ideal overall architectural form factor for an upscale café layout.
As with Montclair, the new locations are also centered in culturally progressive communities with strong regional foot traffic and local demographics leaning toward high median annual incomes and a strong 30-50 year-old age bracket component.
“We have a basic model in mind for what will work in this market niche,” continued Mr. Lovatt. “A thriving local economy with progressive values and plenty of outsiders passing through. That’s the recipe. We have done our homework on this. The data on mainstream adoption also confirms this, and it’s the primary factor driving the recent acceleration in growth in the CBD market into next year. When we swing open the doors at our first location, we will be doing something no one else is doing, and we think it’s going to be huge.”
Brightfield Group’s recent research calling for a 107% CAGR over the next 4 years in CBD-based product sales also noted an acceleration into the back half of 2019 in sales of CBD-based products. That acceleration has been tied to an unexpected jump in the rate of new consumers coming into the CBD market – new adopters. The Company believes the x-factor responsible for this acceleration is the presence of CBD-based products on the shelves of brick and mortar retailers such as Kroger’s, Macy’s, and Walgreens. That was not the case in 2018. This exposes more consumers to these products, and removes the sense of taboo by placing them next to more mainstream items.
“The market has been prepped just right for what we are set to roll out with the Healthy Leaf,” concluded Lovatt. “Location #1 will open in Q1 2020. Locations 2, 3, and 4 will be right behind it.”
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