Chicago-based Grassroots said it completed a $90 million capital raise designed to expand the company’s footprint and operations.
Grassroots, a vertically integrated cannabis company that operates in 11 states, said in a news release it will use the funds to:
- Expand cultivation facilities in Illinois, Maryland and Pennsylvania.
- Build out newly secured dispensary licenses.
- Bankroll the company’s strategic partnership with Phyto Science Management Group in Vermont; in particular, Grassroots wants to expand cultivation and lab capacity, as well as a hemp-derived CBD business.
- Finance future mergers and acquisitions.
Grassroots – a privately held company with over 400 employees – said it initially planned to raise $40 million through its convertible note offering but boosted the amount to $90 million in the face of strong investor demand.