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

Ohio-based cannabis retailer Green Growth Brands has raised 85 million Canadian dollars ($65.6 million) in a private placement – capital 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 boost, 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 after a reverse takeover of Xanthic Biopharma, which is 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.

One comment on “Marijuana retailer Green Growth Brands gets CA$85 million from upsized raise

Leave a Reply

Your email address will not be published. Required fields are marked *