COLUMBUS, May 16, 2019 /CNW/ – Green Growth Brands, Inc. (CSE: GGB) (OTCQB: GGBXF) (“GGB” or the “Company”) is pleased to announce that it has completed the repurchase (the “Repurchase Transaction”) and cancellation of 27,300,000 of its common shares held by GA Opportunities Corp. (“GAOC”) (previously announced on April 15, 2019), representing approximately 13% of its outstanding shares. Aggregate consideration for the Repurchase Transaction was C$89 million, or approximately C$3.26 per common share, at a significant discount to the current market price of GGB’s common shares.
We are pleased to have completed our buy back of the shares previously held by GA Opportunities. While we continue to focus on the rapid expansion of GGB, the opportunity to repurchase these shares well below the current market price immediately and directly increased shareholder value.
Peter Horvath, CEO of GGB
The aggregate consideration for the Repurchase Transaction was satisfied by delivery of a secured promissory note (the “Note”) in the principal amount of C$39,000,000 and cash in the amount of C$50,000,000. The cash portion of the consideration was satisfied by the proceeds received by the Company from the sale of common shares of Aphria Inc. and the exercise of Company common share and proportionate voting share warrants, with the balance satisfied by cash on hand. As previously disclosed, the Note is payable in six months from the closing of the Repurchase Transaction and bears interest at 3% per annum.
About Green Growth Brands Inc.
Green Growth Brands creates remarkable experiences in cannabis and CBD, led by CEO Peter Horvath and a leadership team of consumer-focused retail experts. Their brands include CAMP, Seventh Sense Botanical Therapy, The+Source, Green Lily and Meri + Jayne, with a licensing agreement with the Greg Norman Brand. Already boasting the strongest sales per square feet in the cannabis industry, GGB is expanding its presence in Nevada, Massachusetts and Arizona with CBD presence at ShopSeventhSense.com, in malls across the country and at DSW shoe stores—and that’s just the beginning. Learn more about our vision at GreenGrowthBrands.com.
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