Business
Green Growth Brands Terminates Bid For Moxie To Focus On Advancing Its Rapidly Growing CBD & MSO Business
Green Growth Brands Terminates Bid For Moxie To Focus On Advancing Its Rapidly Growing CBD & MSO Business.
About this update from Green Growth Brands Inc
[{"type":"text","content":"\n\n\n\nGreen Growth Brands Terminates Bid For Moxie To Focus On Advancing Its Rapidly Growing CBD & MSO Business\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 Terminates Bid For Moxie To Focus On Advancing Its Rapidly Growing CBD & MSO Business\nPR Newswire\nCOLUMBUS, OH, Dec. 18, 2019\n\n\n\nCOLUMBUS, OH, Dec. 18, 2019 /PRNewswire/ - Green Growth Brands, Inc. (CSE: GGB) (OTCQB: GGBXF) (\"GGB\" or the \"Company\") and MXY Holdings LLC (\"Moxie\") announced today the termination of its proposed business combination as the market adjusts to the changing macro environment. \n\n\n\"We are aggressively growing our businesses across America as we drive to become a leading cannabis retailer in the country,\" said Peter Horvath, CEO of the Company. \"While we continue to be open to collaborating with other industry leaders, we need to ensure we are focused on building our operational strengths, maximize our returns and, most importantly, avoiding excessive dilution to our shareholder base.\"\nGGB is continuing with its aggressive growth strategy in both the MSO and CBD businesses. The MSO business now includes a 47 dispensary rollout in three key states, and the Company will continue its expansion in this line of business, opening its remaining 45 dispensaries with the same speed and energy it dedicated to its North American CBD network.\n\"As the market evolves, the attractiveness of our know-how, genetics and premium quality products in multiple states presents many opportunities as we actively grow our business and strengthen our relationships with cannabis industry leaders,\" said Jordan Lams, Moxie's CEO.\nThere is no break fee to be paid in connection with this termination. Green Growth Brands has agreed to repay the advance of US$5 million by January 31, 2020 and to reimburse Moxie US$4 million in deal fees on or before July 1, 2020, with both payments to be made in cash.\nCautionary Statement in Forward-Looking Information\nThis press release contains certain statements and information which constitute forward-looking statements or \"forwar...