NetworkNewsBreaks – Green Growth Brands Inc. (CS
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Posted On: 12/18/2019 3:59:00 PM
NetworkNewsBreaks – Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) Terminates Proposed Business Combination to Focus on Rapidly Expanding CBD & MSO Businesses
Lifestyle-oriented cannabis company Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) this morning reported the termination of its proposed business combination as the market adapts to the shifting macro environment. Green Growth Brands has agreed to repay the advance of $5 million by January 31, 2020 and to reimburse Moxie $4 million in deal fees on or before July 1, 2020, with both payments to be made in cash. There is no break fee to be paid in connection with the termination. The company plans to continue its aggressive growth strategy in both the MSO and CBD businesses. Green Growth’s MSO business currently includes a 47-dispensary rollout in three key states. The company intends to continue its expansion in this line of business, opening the remaining 45 dispensaries. “We are aggressively growing our businesses across America as we drive to become a leading cannabis retailer in the country,” Green Growth Brands CEO Peter Horvath stated in the news release. “While we continue to be open to collaborating with other industry leaders, we need to ensure we are focused on building our operational strengths, maximize our returns and, most importantly, avoiding excessive dilution to our shareholder base.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Lifestyle-oriented cannabis company Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) this morning reported the termination of its proposed business combination as the market adapts to the shifting macro environment. Green Growth Brands has agreed to repay the advance of $5 million by January 31, 2020 and to reimburse Moxie $4 million in deal fees on or before July 1, 2020, with both payments to be made in cash. There is no break fee to be paid in connection with the termination. The company plans to continue its aggressive growth strategy in both the MSO and CBD businesses. Green Growth’s MSO business currently includes a 47-dispensary rollout in three key states. The company intends to continue its expansion in this line of business, opening the remaining 45 dispensaries. “We are aggressively growing our businesses across America as we drive to become a leading cannabis retailer in the country,” Green Growth Brands CEO Peter Horvath stated in the news release. “While we continue to be open to collaborating with other industry leaders, we need to ensure we are focused on building our operational strengths, maximize our returns and, most importantly, avoiding excessive dilution to our shareholder base.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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