Green Growth Brands, Inc. (OTC:
GGBXF) will enter
the medical marijuana market in Florida through the acquisition of
Spring Oaks Greenhouses.
Green Growth Brands will pay a consideration of
around $54.65 million for all outstanding shares of Spring Oaks.
The transaction will involve $26.15 million in cash, the issuance
of $17.10 million worth of stock, and a convertible secured
promissory note of $11.40 million.
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Spring Oaks Greenhouses has a medical marijuana
dispensary license and an authorization to operate as a medical
marijuana treatment center in Florida. The dispensary license
allows it to start production, processing and selling medical
cannabis and cannabis products.
Spring Oaks has the right to open up to 35
dispensaries across the state, with a potential to increase this
number to 40 once the Florida medical marijuana program surpasses
Green Growth Brands CEO Peter Horvath said in a
statement that entering the Florida medical marijuana market
through the acquisition of Spring Oaks will be a great expansion to
the company's operations in Nevada and Massachusetts and its
nation-wide CBD business.
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