GDET Reports Strong Initial Performance at Palisades Center CBD Products Store, May Expand to Additional Locations
FORT LEE, NJ -- December 2, 2019 -- InvestorsHub NewsWire -- GD Entertainment and Technology (OTC: GDET) (“GDET” or the “Company”), an emerging leader in the CBD, Blockchain, and Luxury Retail markets, is excited to announce a strong Grand Opening and initial weekend performance in terms of both customer traffic and sales at The Greenery (https://thegreeneryco.com/) CBD products store located at Palisades Center in West Nyack, New York, the second-largest shopping mall in the New York metropolitan area and the eighth-largest in the United States.
Management believes the strong turnout and interest seen during this initial weekend of sales at the store could indicate strong holiday sales in the weeks ahead. In addition, if the Company continues to see strong performance in terms of both customer engagement and product sales, GDET plans to open additional locations in similar venues.
“We saw a ton of foot traffic, sales volume that shows promise of a solid forecast, and a very good response from consumers in the store’s first week of open operations,” commented Anil Idnani, CEO of GDET. “This certainly justifies our strategy, and we plan to open additional stores in other high-traffic mall locations if we continue to see a strong response. It’s also important to note that the ramp in sales growth isn’t the only positive upshot we gain from this store. Based on Palisades Center data, we expect something like 10 million people could walk by our store and be exposed to our brand between now and the end of January, which is priceless exposure that we expect to pay off in many ways over time.”
The Greenery, Palisades Center, opened for business last week, and features products ranging from new CBD dog treats, honey hemp, face masks, CBD oils, CBD soft gels, and CBD salve, all bearing The Greenery’s premium quality ingredients and branding.
Management notes that strong growth in the overall CBD market in 2019 – over 700% growth, according to Brightfield Group data – has been fueled by a shift in the mode of distribution for CBD-based products from an entirely ecommerce-driven marketplace to growing placement of CBD-based products in physical stores where they can be “browsed” by an expanding customer base.
Mr. Idnani continued, “If you cater to only those people who already know they want CBD products and go to websites built to serve them, you are only going to be dealing with the same niche market. But when you put these products out there in front of shoppers at a popular mall or in a major retail chain store, you instantly massively expand the market you’re targeting. We have already sold a wide selection of products to customers who are trying CBD-based products for the first time. And we are proud they are starting with products from The Greenery. They will know exactly where they can conveniently find more.”
GD Entertainment & Technology, also known as GDET, focuses on high growth industries to fulfill a diverse selection of premium products nationwide. The company currently manufactures, wholesales, and markets a portfolio of blockchain/financial service-based products. GDET strives to become one of the premier Cryptocurrency mining facilities that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers worldwide to ensure future purchasing. The company currently has two subsidiaries, DreamCard and HyperDigital Technologies, which both offer a selection of transactional-based products and services. DreamCard allows users to create a customizable debit or credit card using its state of the art online platform. HyperDigital Technologies is the Cryptocurrency ATM sector of GDET and aims to secure multiple MSB, money services business, licenses in order to host ATM units throughout the country.
Safe Harbor Provision Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review GD Entertainment and Technology annual and quarterly financials for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.
GD Entertainment and Technology
1 Bridge Plaza
Fort Lee, NJ 07024