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The billionaire family behind American Eagle Outfitters Inc. is backing a cannabis company that is focused on dispensary chains and cannabidiol-infused beauty products. 

The Ohio based Schottenstein family, who also has interests in DSW Shoes and the Albertsons supermarket chain, initially tried to enter the Ohio cannabis market in December. In a joint venture with Aphria Inc., Schottenstein Aphria LLC failed to secure one of the 24 cultivation licenses being offered by the state. 

Their new venture, called Green Growth Brands LTD., is aiming to bring CBD-infused health and beauty products such as lotions, cream, and bath balms to the rapidly growing market. The beauty brand will be called 7th Sense and will focus on the US market. 

The company is also entering the dispensary market, partnering with Xanthic, and in the process of acquiring Nevada Organic Remedies LLC for US$56.75 million. The company says that they will focus on specific markets of Florida, Massachusetts, New Jersey, and Pennsylvania. 

Green Growth will trade on the CSE in September under the companies name after it completes the reverse takeover of Xanthic Biopharma Inc.

Source: https://business.financialpost.com/cannabis/american-eagle-billionaires-to-list-cannabis-play-on-cse

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