U.S. Cannabis Retailer Green Growth Brands Inks CA$30.5 Million Raise
Ohio-based marijuana retailer Green Growth Brands raised 30.5 million Canadian dollars ($23.2 million) in a private placement ahead of the firm’s planned trading debut in Canada later this month.
The firm plans to use the proceeds to cover the cost of going public, expand its footprint in the U.S. and build out its CBD-infused body care collection.
The startup is led by branding and retail veteran Peter Horvath, a former executive at American Eagle Outfitters, Limited Brands and Victoria Secrets.
Green Growth is a Columbus-based cannabis firm that has built a portfolio of branded retail store concepts that include Green Lily, The Source, Camp and Meri + Jayne.
Earlier this year, Green Growth announced plans to go public and list on the Canadian Stock Exchange after a reverse takeover of Xanthic Biopharma, which is listed as XTHC.CN on the Canadian Securities Exchange.