Ohio-based cannabis company, Green Growth Brands (OTCQB: GGBXF) (CSE:GGB) recently announced that its acquiring Moxie for $310 million. Green Growth Brands also said that this agreement was reached through an all stock deal. Moxie is a multi state (MSO) cannabis firm that sells recreational and medical cannabis products through its 250 outlets and dispensaries in 5 states.
In its press release, Green Growth Brands stated that, “On closing, the combination will bring together two best‐in‐class cannabis operators and create a superior coast‐to‐coast cannabis player, with immediate access to nine key states including California, Florida, Nevada and Massachusetts, and up to 16 states total including Moxie’s expansion potential (and not including GGB’s CBD kiosk locations)”
With the acquisition, Green Growth Brands which currently focuses on Florida’s medical cannabis industry will have access to additional markets in Arizona, California, Nevada, New Jersey, and Pennsylvania. The deal is expected to be completed in the next 6 months. Moxie CEO Jordan Lams also expressed that the agreement is a great business move that would help both businesses grow.
The acquisition is in line with Green Growth Brands’ move to expand its business operations into new markets. The company is also expanding its CBD brand presence by partnering with U.S. retail stores such as Abercrombie & Fitch.
Green Growth Brands’ acquisition will enable the company to offer a more comprehensive product line up which includes both CBD and THC product lines that can be offered through mainstream retail stores and cannabis dispensaries.
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