Green Growth Brands Announces Conclusion of Strategic Review Process, Consent to Receivership Appointment for CBD Business, and Continuation of Cannabis Business in Florida, Massachusetts, and Nevada
COLUMBUS, OH, April 3, 2020 /PRNewswire/ – Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) (“GGB” or the “Company”) announced today that a special committee of the Board of Directors has concluded the previously announced strategic review process (the “Strategic Review Process” or “Process”) related to the Company’s cannabidiol business (the “CBD Business”). As a result of the Process, the Company has determined that appointment of a receiver is in the best interest of the Company and the creditors of the CBD Business. The CBD Business is operated by six of the Company’s subsidiaries: Green Growth Brands LLC, GGB Beauty LLC, GGB Licenses LLC, Green Growth Brands Realty LLC, GGB Kiosks LLC, and GGB GN LLC (collectively, the “CBD Subsidiaries”). Each of the CBD Subsidiaries will be subject to the receivership order.
The conclusion of the Strategic Review Process follows the Company’s announcement on March 19, 2020 that it would be indefinitely suspending its CBD Business operations in light of the ongoing COVID-19 pandemic. The consent to appointment of the receiver was filed on April 2, 2020 with the Franklin County Court of Common Pleas, in Franklin County, Ohio. Materials related to the filing can be accessed via the Franklin County Clerk of Courts electronic docket, which can be found at https://fcdcfcjs.co.franklin.oh.us/CaseInformationOnline/.
The Company will continue to operate its cannabis business in Florida, Massachusetts, and Nevada (the “MSO Business”) through its subsidiaries Nevada Organic Remedies LLC (“NOR”), Henderson Organic Remedies LLC (“Henderson”), Wellness Orchards of Nevada LLC, Just Healthy LLC, and Spring Oaks Greenhouses Inc. (collectively, the “MSO Subsidiaries”). NOR and Henderson operate the Company’s The+Source dispensaries in the Las Vegas, Nevada region, and have recently commenced delivery service in response to Nevada Governor Stephen Sisolak’s March 20, 2020 order limiting dispensary operations in the state. None of the MSO subsidiaries nor any of their respective assets will be subject to the receivership order.
About Green Growth Brands Inc.
Green Growth Brands creates remarkable experiences in cannabis. The company’s brands include CAMP, The+Source, and 8 Fold. GGB is expanding its cannabis operations throughout the U.S., via dispensaries in Nevada, Massachusetts and Florida. Learn more about the vision at GreenGrowthBrands.com.
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