Illinois marijuana firm Grassroots closes $90 million raise to expand operations

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Chicago-primarily based Grassroots mentioned it completed a $90 million capital raise made to expand the company’s footprint and operations.

Grassroots, a vertically integrated cannabis organization that operates in 11 states, mentioned in a news release it will use the funds to:

  • Expand cultivation facilities in Illinois, Maryland and Pennsylvania.
  • Develop out newly secured dispensary licenses.
  • Bankroll the company’s strategic partnership with Phyto Science Management Group in Vermont in unique, Grassroots desires to expand cultivation and lab capacity, as effectively as a hemp-derived CBD organization.
  • Finance future mergers and acquisitions.

Grassroots – a privately held organization with more than 400 staff – mentioned it initially planned to raise $40 million via its convertible note supplying but boosted the quantity to $90 million in the face of powerful investor demand.

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Categories: Briefs, Illinois Health-related Cannabis Small business &amp Marijuana Legal News, Marijuana Sales, Funding &amp Banking News, United States

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