Marijuana Merchant Green Growth Brands gets CA$85 million

Marijuana retailer Green Growth Brands gets CA$85 million from upsized Increase

Ohio-based cannabis merchant Green Growth Brands has increased 85 million Canadian dollars ($65.6 million) in a private placement – funding the firm will use to go public in Canada and expand internationally.

The raise exceeded the firm’s initial target of CA$55 million.

Increased investor interest fueled the increase, the company said Tuesday.

Green Growth is a Columbus-based, retail-focused cannabis firm that has built a portfolio of branded retail store concepts that include Green Lily, The Source, CAMP and Meri + Jayne.

Earlier this year, Green Growth announced plans to go public in Canada following a reverse takeover of Xanthic Biopharma, which will be listed as XTHC.CN on the Canadian Securities Exchange.

Roughly $30.3 million of the net proceeds from the private placement will be loaned to Xanthic, and the remainder will be used for working capital and potential acquisitions.

Published at Tue, 25 Sep 2018 21:15:16 +0000

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