NEWS BRIEF

Green Growth Brands loses $64 million amid marijuana dispensary delays

Ohio-based CBD and cannabis company Green Growth Brands recorded a loss of more than $64 million for its fiscal year as it faced higher-than-expected capital expenditures and delays in building out its Nevada dispensaries.

The company did not list its results from the previous year – it became a publicly traded company in January.

Green Growth reported $15.7 million in revenue for its fiscal year, which ended June 30.

The company’s debt was almost $89 million at year-end.

Independent auditors said in the company’s filing that Green Growth does not “currently have sufficient working capital, and available liquidity to meet its commitments and fully execute its business plan over the next 12 months and is dependent on the Company’s ability to raise additional finances to fund its operations.”

In August, Green Growth raised 50.2 million Canadian dollars ($37.8 million) to fuel expansion.

More details on the company’s results can be found on Marijuana Business Daily’s sister website, hempindustrydaily.com.

Green Growth trades on the Canadian Securities Exchange as GGB and on U.S. over-the-counter markets as GGBXF.

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