Green Growth Brands, Inc. has raised gross proceeds of US$45.5 million (C$61.2m) pursuant to a private placement of convertible debt, in the form of 15% secured convertible debentures at a price of US$1,000 per Debenture and with a conversion price equivalent to C$7.00 per common share.
The net proceeds of the Debenture Financing will be used for general corporate and working capital purposes.
“The capital raised through this offering will help us further drive our rapid expansion,” said Peter Horvath, CEO of Green Growth Brands (pictured).
“We are a premier operator in two booming markets. In our CBD business, we are rolling out a line of exceptional consumer-focused products including topicals and balms, and working with America’s largest developers to increase our network of mall kiosks situated in prime locations. In our MSO business, we manage a premier cannabis retail business. In both businesses, we are actively reviewing partnerships and M&A opportunities to accelerate the build out of our company.”
“The participants in this offering included early stage strategic investors in the Company, and we are gratified by the confidence they continue to show in GGB, in particular, at what amounts to a C$7.00 per common share conversion price ” Horvath added.
Under the Debenture Financing, GGB raised gross proceeds of US$45.5 million pursuant to issuance of Debentures on a non-brokered private placement basis. Each Debenture has a maturity date of May 17, 2020 and is convertible, in certain circumstances, into proportionate voting shares in the capital of GGB at a conversion price per PV Share equal to C$3,500.00.Cannabis Business Worldwide