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Green Growth Brands to acquire Nevada-based cannabis cultivation facility

Xanthic Biopharma Inc., which does business as Green Growth Brands, agreed to acquire a cannabis cultivation facility in Pahrump, Nev., for about $13.4 million.

The facility, which is operated by Wellness Orchards of Nevada LLC and Panorama WON LLC, expands Green Growth Brands' footprint in the state.

The transaction is expected to close in early 2019, subject to regulatory approvals and other customary closing conditions.

After the acquisition, Green Growth Brands plans to expand the cultivation facility to nearly 150,000 square feet, from the current 12,000 square feet, by the third quarter of 2019.

"The acquisition of this facility allows us to provide high-quality products at the increased volumes now necessary to support our newly expanded retail footprint," Green Growth Brands CEO Peter Horvath said in a news release. The Toronto-based cannabis company plans to operate eight dispensaries in Nevada, with another cultivation facility planned to be acquired in 2019.

Green Growth Brands is also expanding its operations into Massachusetts, with its recent purchase of cannabis dispensary company Just Healthy LLC for $3.8 million.