Green Growth Brands Inc. has raised $45.5 million pursuant to a private placement of convertible debt, which will be used for general corporate and working capital purposes. The company also completed its $13.4 million acquisition of a Pahrump, Nev., cultivation facility, its second in the state.
The debt has a conversion price equivalent of just over $5 per share, which indicates the confidence early-stage strategic investors have in the value of GGB, the company said.
“The capital raised through this offering will help us further drive our rapid expansion,” GGB CEO Peter Horvath said in a statement. “We are a premier operator in two booming markets.”
The company is actively reviewing partnerships and M&A opportunities to accelerate its build out of both its cannabidiol (CBD) and multi-state operators (MSO) businesses.