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Green Growth Brands acquires option for Nevada dispensary

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Green Growth Brands acquires option for Nevada dispensary

Xanthic Biopharma Inc., which does business as Green Growth Brands, accepted an irrevocable option to acquire Henderson Organic Remedies LLC.

Henderson Organic Remedies operates a medical and retail marijuana dispensary facility in Henderson, Nev. The company is expected to be acquired by HOR Holdings LLC.

To exercise the option, Green Growth Brands must issue a 6% secured loan of about US$15.5 million and a warrant to buy 7,609,746 of its common shares for C$3.16 each. The secured loan had been issued Dec. 13, and will mature on May 4, 2019.

HOR Holdings' acquisition of Henderson Organic Remedies and the exercise of the warrant from Green Growth Brands are expected to occur in the first half of 2019, subject to regulatory approval and customary closing conditions.

Toronto-based Green Growth Brands previously said it plans to operate eight dispensaries in Nevada and acquire a cultivation facility in 2019. The cannabis company recently acquired a cultivation facility in the state for about US$13.4 million.