Grown Rogue Raises $1.3M Via Private Placement, CEO Invests $300,000 For 3M Shares

Multi-state cannabis company Grown Rogue International Inc. GRIN GRUSF recently announced that it closed a non-brokered private placement of common shares for total gross proceeds of $1.3 million.

The private placement resulted in the issuance of 13.17 million common shares of Grown Rogue at a purchase price of CAD$0.125 per share ($0.099). The funds raised will be used for standard corporate activities.  

“This financing was led by a strategic investment fund with significant cannabis expertise, which has been learning about our business for the last several months,” Obie Strickler, Grown Rogue’s CEO said. “With our recent financial performance in both Michigan and Oregon, they are excited to take a sizeable position in Grown Rogue, roll up their sleeves, and help us scale the business.”

All common shares issued pursuant to the private placement are subject to a hold period of four months and one day.

Strickler invested $300,000 in the private placement and received 3.04 million common shares of the company.

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Photo: Courtesy of Jeff W on Unsplash