Marijuana firm Green Growth Brands raises $45.5 million

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Ohio-based Green Growth Brands raised $45.5 million through a private placement of convertible debt, the firm announced Friday.

Terms of the financing included 15% secured convertible debentures at a price of $1,000 each and a conversion price of 7 Canadian dollars, which will be divided by the Canadian-U.S. exchange rate upon conversion, the company said in a news release.

Proceeds from the financing will be used for general and working capital.

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

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