Green Growth Brands Ltd. is pleased to announce that it has raised C$85 million in a private placement, overachieving on its initial target of C$55 million.  Intense interest in the placement led to the increased offering, with over 75 per cent of orders originating from highly sophisticated strategic investors. GGB is now positioned to scale up and compete with established players in the both the North American and international cannabis markets.

The gross proceeds of C$85 million are pursuant to a private placement of unsecured 12 per cent convertible debentures at a price of $1,000 per debenture.

“We’re extremely pleased with the success of this round of financing,” said Peter Horvath, CEO of Green Growth Brands. “We received significant interest from a number of strategic investors and decided to increase the round to $85 million to bring them on board.  This oversubscription confirms investors’ confidence in our story, our brands and our team.”

“The chance to participate in an early-stage cannabis company with global potential was also attractive to investors,” continued Horvath. “While our competitors are mainly focusing only on the U.S. market, our backers were particularly interested in our ability to operate on a global level.  That, combined with our strong foundation in the significant and growing U.S. cannabis market, made this a unique opportunity that our investors didn’t want to pass up.”

US$30,347,500 of the net proceeds of the Debenture Financing was loaned to Xanthic Biopharma Inc. pursuant to a loan agreement dated August 30, 2018 among GGB, GGB Nevada LLC and Xanthic. The balance of the net proceeds remains available to GGB for general corporate and working capital purposes and to finance potential acquisition activity.

The Company previously announced that it has entered into an arm’s length business combination agreement with Xanthic pursuant to which Xanthic and GGB have agreed to combine by way of amalgamation.

About Green Growth Brands

Green Growth Brands is a lifestyle-oriented, consumer products company that celebrates health, wellness and happiness. Led by widely-renowned retailer Peter Horvath, GGB is focused on the global medicinal and recreational cannabis sector and is the parent company of the CAMP brand. The Business Combination represents the initial step in GGB’s strategy to grow its international footprint, through partnerships with cannabis cultivators and processors globally.