Grown Rogue forms 51/49 New York joint venture with capital partner for USD 15 million financing
GRIN•Project funding and dispensary support
An additional USD 5 million drawable term-loan commitment supports total project-based financing of up to USD 15 million for acquisition, capex and working capital.
GRNY took interim control through a services agreement, funding up to USD 9 million secured to keep four Verilife dispensaries operating.
The purchase price is expected to be near USD 4.5 million, including an inventory adjustment, with USD 3 million payable on regulatory approval of the change of control.
New York joint venture and financing structure
Grown Rogue formed Grown Rogue New York, a 51/49 joint venture with a capital partner, to pursue PharmaCann’s New York license and assets.
The capital partner invested USD 10 million for 49% preferred equity. The preferred equity can convert into subordinate voting shares starting at USD 0.55.
