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Green Growth Brands updates terms of Spring Oaks acquisition

Green Growth Brands Inc. on July 29 amended its share purchase deal with Florida-based medical marijuana producer Spring Oaks Greenhouses Inc.

Columbus, Ohio-based Green Growth said it will now issue common shares in the aggregate amount of $17.1 million at $2.39 per share, 4 cents up from $2.35 per share in the original terms of agreement.

The company said in June that it will acquire Spring Oaks for $54.7 million, to be funded through a mix of a cash payment of $26 million, issuance of Green Growth's common shares for a total aggregate amount of $17.1 million and a convertible promissory note of $11.4 million.

The transaction is expected to close this month, subject to regulatory approval and customary closing conditions.