Plus Products has announced its expansion into the Nevada market, its first market outside of California. PLUS has entered into a definitive agreement to partner with TapRoot Holdings, a vertically integrated cannabis company operating cultivation and manufacturing facilities in Las Vegas, Nevada.
PLUS will lead manufacturing operations to maintain quality and consistency
PLUS believes that TapRoot has the facilities available for PLUS to easily and quickly deploy its machinery, ingredients, and people to ensure that the product remains consistent both in California and Nevada. As PLUS expands into jurisdictions outside of California, it will serve as the manufacturing operations partner to ensure quality and consistency across markets.
“As we look to expand beyond California, we remain committed to producing a consistent product in all jurisdictions,” said Jake Heimark, co-founder and CEO of PLUS. “We want the PLUS customer to have the same experience with our products whether they buy it in LA or in Las Vegas. Partnering with the TapRoot team will let us realize that goal, and we are confident they are the right team to spearhead our expansion in Nevada.”
TapRoot is an ideal partner with a high-quality cannabis oil supply:
PLUS believes it can leverage TapRoot’s extraction capabilities as a part of a supply agreement and TapRoot will share in the economics of the deal through a revenue sharing model. In addition to TapRoot’s extraction capabilities, it has also received 7 of the 61 newly issued retail licenses in December 2018. Led by CEO, Shane Terry, TapRoot has operational expertise in the market and PLUS believes that TapRoot will be a strong partner who believes in producing premium branded products that will redefine the future of cannabis, in line with the PLUS ethos of producing quality products that make cannabis safe and approachable.
“Shane and his team are impressive operators with a deep understanding of the Nevada market,” said Nathan Yagoda, VP of Strategy at PLUS. “This deal structure allows PLUS to rapidly deploy into new markets and focus on building our brand and gaining market share.”