Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) today
announced that a special committee of the Board of Directors has concluded the
previously announced strategic review process related to the company’s
cannabidiol (“CBD”) business. As a result, Green Growth Brands has determined
that appointment of a receiver is in the best interest of the company and the
creditors of the CBD business. The CBD business is operated by six of the
company’s subsidiaries: Green Growth Brands LLC, GGB Beauty LLC, GGB Licenses
LLC, Green Growth Brands Realty LLC, GGB Kiosks LLC, and GGB GN LLC, each of
which will be subject to the receivership order. The company will continue to
operate its cannabis business in Florida, Massachusetts, and Nevada (the “MSO
Business”) through its subsidiaries Nevada Organic Remedies LLC (“NOR”),
Henderson Organic Remedies LLC (“Henderson”), Wellness Orchards of Nevada LLC,
Just Healthy LLC, and Spring Oaks Greenhouses Inc. (collectively, the “MSO
Subsidiaries”). NOR and Henderson, which operate the company’s The+Source
dispensaries in the Las Vegas, Nevada region, have recently commenced delivery
service in response to Nevada Governor Stephen Sisolak’s March 20, 2020 order
limiting dispensary operations in the state. None of the MSO subsidiaries
nor any of their respective assets will be subject to the receivership order.
To view the full press release, visit http://ibn.fm/xClUX
About Green Growth Brands Inc.
Green Growth Brands creates remarkable experiences in
cannabis. The company’s brands include CAMP, The+Source, and 8 Fold. GGB is
expanding its cannabis operations throughout the U.S., via dispensaries in
Nevada, Massachusetts and Florida. For more information, visit the company’s
website at www.GreenGrowthBrands.com.
NOTE TO INVESTORS: The latest news and updates
relating to GGBXF are available in the company’s newsroom at http://ibn.fm/GGBXF
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