Business
Green Growth Brands Enters into Definitive "Stalking Horse" Agreement to Sell its CBD Business, Restructures Backstop Debentures and Secures US$10M Equity Commitment from Key Stakeholder
Green Growth Brands Enters into Definitive "Stalking Horse" Agreement to Sell its CBD Business, Restructures Backstop Debentures and Secures US$10M Equity Commitment from Key Stakeholder.
About this update from Green Growth Brands Inc
[{"type":"text","content":"\n\n\n\nGreen Growth Brands Enters into Definitive \"Stalking Horse\" Agreement to Sell its CBD Business, Restructures Backstop Debentures and Secures US$10M Equity Commitment from Key Stakeholder\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGreen Growth Brands Enters into Definitive \"Stalking Horse\" Agreement to Sell its CBD Business, Restructures Backstop Debentures and Secures US$10M Equity Commitment from Key Stakeholder\nPR Newswire\nCOLUMBUS, Feb. 24, 2020\n\n\n\nHighlights\nExecution of \"Stalking Horse\" Agreement to sell the Company's CBD Business to The BRN Group with 30 day Go Shop Period GGB extends Maturity Date of Backstop Debentures to 2024 with coupon lowered to 5% payable in kind GGB receives commitment from Key Stakeholder to Subscribe for US$10 million of proposed US$30 million Equity Financing to support working capital and buildout requirement of the MSO Segment Board of Directors form Special Committee to consider strategic alternatives and retain AltaCorp Capital Inc. to solicit and review bids during the Go Shop Period COLUMBUS, Feb. 24, 2020 /PRNewswire/ - Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) (\"GGB\" or the \"Company\") announced today that The BRN Group Inc. (\"BRN\") has agreed to acquire (the \"CBD Transaction\") the Company's cannabidiol business (the \"CBD Business\").  The Company and an affiliate of BRN (the \"Purchaser\") have executed a \"stalking horse\" asset purchase agreement (the \"Stalking Horse Agreement\") in respect of the CBD Transaction pursuant to which the Purchaser will acquire all of the assets and assume the current liabilities and certain other obligations of the CBD Business. It is anticipated that the Company will hold up to a 20% carried interest in the CBD Business following completion of the CBD Transaction.\n\n \n \n\n \nIn connection with the sale of the CBD Business and upon consummation of same, BRN intends to enter into a strategic advisory and services agreement for the CBD Business with an affiliate of Authentic Brands Group LLC (\"ABG\").  ABG is a brand development, marketing a...