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.