Upstart Ohio medical cannabis business raises CA$85M to expand footprint

A younger cannabis firm headquartered in Columbus, Ohio, raised 85 million Canadian dollars ($65 million) that it’ll use to expand its operations.

Green Growth Brands – whose CEO, Peter Horvath, resigned a yr in the past from his government submit with Pittsburgh retail big American Eagle Outfitters – closed the spherical in Toronto, the place the corporate was included and has an workplace, in accordance to Columbus Business First.

Horvath advised Fox Business his first step might be to expand Green Growth’s retail operations within the United States. The firm additionally goals to workforce with retailers to launch a CBD line of private care merchandise, Fox Business reported.

According to a Green Growth investor pitch, the corporate plans to go public on a Canadian trade this fall, Columbus Business First reported.

The firm began to take form in 2017. That’s when considered one of Canada’s largest marijuana corporations, Aphria, partnered with the Columbus-based Schottenstein household – which owns American Eagle and footwear retailer DSW – in a profitable bid to win one in every of Ohio’s medical marijuana business licenses.

Green Growth has since acquired medical marijuana operators and corporations that present CBD-infused lotions and different merchandise, Columbus Business First reported.

The cannabis firm is stacked with managers who as soon as labored at American Outfitters, DSW, Victoria’s Secret and others. They consider the corporate can supply cannabis shoppers a greater retail expertise than what’s presently out there.

The president of the Schottenstein Property Group, Ben Kraner, and its chief working officer, Joey Schottenstein, are administrators of Green Growth, in accordance to a regulatory submitting, Columbus Business First reported.


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