Dallas-based hemp and THCA products distributor Right On Brands Inc. (OTC: RTON) said Monday that it’s no longer going ahead with its plan to sell more of its stock to the public.
The company said the decision was made because it is doing better financially and has big plans for growth.
“Market conditions and the company’s growth prospects are showing rapid signs of improvement, and Right On Brands is optimistic about its future trajectory,” the company said in a statement.
Right On Brands currently has eight stores in Texas and one in Florida and is known for making hemp-based products, including smokables, oils, and topical items. The company plans to expand its health and wellness product line by introducing noncannabis products.
In addition to its core offerings, Right On Brands is associated with ENDO Brands, Humbly Hemp, and ENDO Dispensary & Wellness.
According to CEO Jerry Grisaffi, the company aims to open up to 25 stores by the end of 2024. These new stores will be a “combination of corporate-owned and licensed locations.”
“Our decision to let the REG A offering expire is a strategic move in line with our rock-solid commitment to build shareholder value,” Grisaffi said in a statement.
Selling additional shares would dilute ownership for existing shareholders, a move management has decided in unnecessary based on the existing sales trajectory.