Thursday, August 22, 2019
Technology News
Technology News Delivered Daily
Home / Business  / Canadian Cannabis Startup Closes $38 Million Capital Raise

Canadian Cannabis Startup Closes $38 Million Capital Raise

Canadian Cannabis Startup Closes $38 Million Capital Raise
Credit: growforce.ca

Vertically integrated international cannabis platform GrowForce Holdings Inc., secured its equity capital raise, resulting in aggregate gross proceeds of more than $38 million Canadian dollars.

GrowForce was created and spun-off by Denver, Colorado-based MJardin, a cannabis management company, with a mission to become one of the premier vertically-integrated cannabis platforms globally outside of the U.S. GrowForce recently announced that it has entered into an exclusive cultivation, extraction, and retail licensing agreement with MJardin, including exclusive rights to its cannabis management services and intellectual property portfolio in Canada and international markets.

GrowForce possesses an existing Canadian footprint of cannabis assets with planned cumulative capacity of approximately 60,000 kg of cannabis production per annum. Core to its growth strategy, GrowForce also plans to establish partnerships with various First Nations to build new facilities for large-scale cannabis cultivation, extraction, and retail. These partnerships will allow Indigenous Peoples of Canada to capitalize on economic opportunities in the cannabis space through the cultivation, distribution, and retail sale of cannabis products.