GrowForce Holdings, a Toronto, Canada-based vertically integrated international cannabis platform, closed a C$38m equity capital raise.
Pursuant to the offering, GrowForce issued 7,832,716 brokered subscription receipts exchangeable for common shares at a price of C$3.20 amounting to C$25,064,700. The company also issued 4,115,521 non-brokered subscription receipts at the same price for gross proceeds of approximately C$13,169,700.
The result is a cumulative raise of more than C$38 million.
The funds will be used for capital expenditure related to cultivation expansion, including strategic acquisitions of high quality cannabis assets, and general working capital to execute its growth strategy.
Created and spun-off by Denver, Colorado based MJardin, a cannabis management company, GrowForce is a Canadian-based cannabis platform that operates within Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The company owns a majority interest in flagship cannabis facilities operated through Health Canada’s ACMPR, with strategic partnerships for operations, proprietary software and training, and project financing.
GrowForce’s flagship facilities are intended to be operated by MJardin Group, North America’s largest operator of legal cannabis facilities, and financed by Bridging Finance Inc., a Canadian provider of private credit.