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

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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.