This morning, Green Growth Brands Ltd. announced that their company has raised C$85 million dollars via a private placement. The capital raise involved a series of strategic investors with a high level of interest in their operation. Green Growth brands company total private placement of C$85 million was produced based upon unsecured 12 cent convertible debentures, or an unsecured loan certificate issued by a company, at a price of $1,000 per.
Green Growth Brands is focused on the development of recognized brands involved in the medicinal and recreational cannabis market. They have already developed four subsidiaries under the brand and product lines Camp, Green Lily, Seven7h Sense, Meri+Jayne, and Apothecary. Their company is also focused on the merger and acquisition of companies with synergistic values and product lines involved in the sector.
One of the most interesting aspects of the company is their founding partners the Schottenstein family. The Schottenstein’s are responsible for building some of the most recognized brands in the world such as Victoria Secret, American Eagle Outfitters, Bath & Body Works, and DSW (Designer Shoe Warehouse).
Their company will look to use the capital raised from the private placement to expand general operations and look for additional M&A opportunities.
“We’re extremely pleased with the success of this round of financing. 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,” said Peter Horvath, CEO of Green Growth Brands.