Green Growth Brands Officially Completes First Equity Raise Since Going Public
Company dedicated to producing CBD and cannabis-focused experiences, Green Growth Brands announced on Thursday, August 22, 2019 that it had completed its first equity raise as a public company since October 2018 RTO.
This “bought deal financing” amounts to C$50,225,000, which according to the CEO, Peter Horvath will be combined with $102.7 million “backstop commitment”. The latter was led by Schottenstein family, which Horvath deems will support the firm in bringing innovative, CBD experiences.
Each of the Company’s shares were sold at a unit price of C$2.45, with a total of 20,500,000 units sold. Hemp Industry Daily also reported on this matter and elaborated more on how the funds raised will be allotted.
As it turns out, they will cover up the cash purchase price of the Nevada Organic Remedies’ acquisition, the Henderson Organic Remedies’ acquisition, deferred cash compensation and other fees related to the Spring Oaks Greenhouses acquisition and finally, capital expenditures among others.