MJardin Group, Inc., a leader in cannabis management, today announced the closing of its acquisition of GrowForce Holdings Inc., a vertically integrated international cannabis platform headquartered in Toronto and the release to the Company of the net proceeds of GrowForce’s July 2018 subscription receipt financing.
The transactions were completed after the closing of markets on November 30, 2018. After reflecting those subscription receipts that were redeemed as part of closing, GrowForce raised gross proceeds of $34.7 million of new equity in its July 2018 subscription receipt offering. In connection with the acquisition of GrowForce by the Company, approximately 30 million MJardin common shares were issued or will become issuable upon the exercise of certain previously issued GrowForce options and warrants.
“With the closing of this strategic transaction, MJardin is well positioned to continue to grow our global footprint of managed and owned facilities,” said Rishi Gautam, Chairman and Chief Executive Officer of MJardin Group. “MJardin now has one the largest international footprints of any cannabis provider and we intend to leverage our scale for continued growth both organically and through strategic acquisitions of cannabis assets in the U.S., Canada, Europe, Africa and Latin America.”
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Canaccord Genuity Corp. acted as the financial advisor to MJardin. Stikeman Elliott LLP acted as legal counsel to MJardin.
KES 7 Capital Inc. and Cormark Securities acted as the financial advisors to the board of directors of GrowForce, who also received an updated independent fairness opinion from GMP Securities. WeirFoulds LLP acted as legal counsel to GrowForce.
Date: December 10, 2018
Source: BusinessWire
