Green Growth Brands GGBXFGGB announced Tuesday it entered into an agreement with MXY Holdings to acquire the company for $310 million, which will be met through the delivery of either Exchangeable LP Units or GGB Common Shares. MXY Holdings is commonly known as Moxie.
This acquisition is one of the steps Green Growth Brands is taking to grow its business operations. Joined together, these companies should form a unique cannabis company that offers both THC and CBD product lines, run by an experienced management team.
"As a '360 degree' cannabis company, we expect to bring an expertise to each segment of the combined business: cannabis dispensaries, vertically-integrated and wholesale CBD and wholesale cannabis consumer products," said Green Growth Brands CEO Peter Horvath.
Moxie CEO Jordan Lams agreed that this is a great business move that should help both businesses grow.
While Moxie is a well-known company in this industry, Green Growth Brands has been known for having some of the best sales figures per square feet in the cannabis industry.
Green Growth's OTC stock traded lower by 5.1% at $2.31 at time of publication.
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