GRUSF - Craft Weed Company Bets On New Jersey Market Now Owns 44% Of This State-Licensed Cultivator | Benzinga
Grown Rogue International Inc.(CSE:GRIN) (OTC:GRUSF) has entered a secured drawdown promissory note agreement with ABCO Garden State, LLC, a New Jersey licensed cultivator. As of Friday, July 5th, Grown Rogue owns 44% of ABCO, with an option to acquire an additional 26% of ABCO, subject to regulatory approval.
On May, 31, Grown Rogue, obtained licensing approval with the New Jersey Cannabis Regulatory Commission (CRC) and closed its first option to acquire 44% of ABCO.
“As we reach the final stages of Phase I construction, this additional capital will be used to finish construction and provide the necessary working capital to become operational," stated Obie Strickler, CEO of Grown Rogue. "Our Phase I work has included many of the necessary improvements required to accelerate Phase II completion such as full panel installation, the purchase of on-site HVAC equipment, and the fulfillment of fire safety requirements.”
The news comes on the heels of the company reorganizing shares to keep