Grassroots Cannabis has completed its first capital raise of $90 million to expand its operations, the company announced on Tuesday. The company announced in December it was seeking $40 million in capital and ultimately increased the round to accommodate the subscriptions.
Grassroots indicated they plan to expand cultivation facilities in Illinois, Maryland, and Pennsylvania, build out its recently obtained dispensary licenses, and work with Vermont-based partners PhytoScience Management Group to expand its cultivation and testing lab facility and hemp-derived CBD business.
Brian Schinderle, the company’s executive vice president of finance, indicated Grassroots’ footprint is now in 11 states.
“We would like to thank the strong support we saw from both existing and new investors and look forward to continuing to earn their allegiance by both executing on our existing plans and looking to prudently continue to expand our platform.” – Schinderle, in a press release
The company has so far raised $165 million in equity and equity-linked securities to date. The recent round was led by Beacon Securities, Ltd., and Stoic Advisory, Inc.
Grassroots also operates in Michigan, Oklahoma, Ohio, North Dakota Arkansas, and Connecticut.