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.”
To view the full press release, visit http://ibn.fm/tABPM
About Green Growth Brands
Green Growth Brands creates remarkable experiences in
cannabis and CBD. Led by CEO Peter Horvath and a leadership team of
consumer-focused retail experts, the company’s brands include CAMP, Seventh
Sense Botanical Therapy, The+Source, Green Lily, and Meri + Jayne. The company
also has a licensing agreement with the Greg Norman(TM) Brand to develop a line
of CBD-infused personal care products designed for active wellness. GGB is
expanding its cannabis operations throughout the U.S., via dispensaries in
Nevada, Massachusetts and Florida and the largest network of CBD shops in malls
across the country and ShopSeventhSense.com. For more information, visit the
company’s website at www.GreenGrowthBrands.com.
NOTE TO INVESTORS: The latest news and updates
relating to GGBXF are available in the company’s newsroom at http://ibn.fm/GGBXF
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