Green Growth Brands Acquires Second Nevada Grow Facility
Grow Facility to be Expanded to Support Retail and Wholesale Operations
COLUMBUS, OH, Dec.13, 2018 /PRNewswire/ – Xanthic Biopharma, Inc. d/b/a Green Growth Brands (CSE: GGB) (GGB or the Company) today announced it entered into definitive agreements on December 12, 2018 to acquire a Pahrump, Nevada cultivation facility operated by Wellness Orchards of Nevada LLC (WON) and Panorama WON LLC (Panorama) for a total purchase price of USD$13,372,162 (CAD$16,749,970). Through this acquisition, GGB expects to expand its current Nevada footprint to two cultivation facilities in 2019. This expansion, along with the eight retail cannabis dispensaries GGB plans to operate, positions the Company to be one of the largest vertically integrated operators in the state.
WON currently operates a 12,000 square feet cannabis cultivation facility in Pahrump, while Panorama owns the real property and assets upon which the cultivation facility operates. The transaction is expected to close in early 2019 and remains subject to regulatory approvals and other customary closing conditions. Following closing, GGB intends to phase an expansion of the current WON cultivation space to nearly 150,000 square feet, with the total cost estimated at USD$13,000,000 (CAD$17,421,763). The first phase is expected to be completed by Q3 of 2019. This expansion will provide GGB, which last week announced that it had received seven retail dispensary licenses from the Nevada Department of Taxation, with the support necessary for its growing retail and wholesale operations.
The acquisition of this facility allows us to provide high quality products at the increased volumes now necessary to support our newly expanded retail footprint, while also allowing us to continue a strong trajectory of growth for our wholesale business.
Peter Horvath, Chief Executive Officer.
GGB currently operates The+Source, the premier Cannabis store in Las