Goodness Growth today announced that it plans to complete a non-brokered private placement investment of its subordinate voting shares to help fund the relocation of one of its retail dispensaries in Minnesota.
The company anticipates an aggregate subscription amount of approximately $700,000 in relation to this private placement. It expects that this transaction will be completed within the next five business days. Proceeds from the transaction will be used in connection with a mortgage note which will help secure the relocation of one of its retail dispensaries in Minnesota.
Goodness Growth is pursuing the funds for the move while it also seeks more than $860 million from Verano Holdings for the companies' planned merger that was terminated in 2022. The company has accused Verano of depriving it of capital needed for continued operations.
“That vulnerability persists and increases with each passing day,” Goodness Growth said in a filing with Canadian authorities.
Goodness Growth operates eight dispensaries under the Green Goods brand in Minnesota.
