Craft Weed Company Bets On New Jersey Market, Now Owns 44% Of This State-Licensed Cultivator
Portfolio Pulse from Nina Zdinjak
Grown Rogue International Inc. (OTC:GRUSF) has entered a secured drawdown promissory note agreement with ABCO Garden State, LLC, a New Jersey licensed cultivator. Grown Rogue now owns 44% of ABCO and has an option to acquire an additional 26%, subject to regulatory approval. The company will lend up to $3,000,000 to support ABCO's construction and working capital needs. New Jersey's cannabis market is growing rapidly, with sales reaching over $800 million in 2023.
July 05, 2024 | 8:52 pm
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Grown Rogue International Inc. (OTC:GRUSF) has secured a 44% stake in ABCO Garden State, a New Jersey licensed cultivator, with an option to acquire an additional 26%. The company will lend up to $3,000,000 to support ABCO's construction and working capital needs. This move positions Grown Rogue to benefit from New Jersey's rapidly growing cannabis market.
The acquisition and financial support for ABCO Garden State position Grown Rogue to capitalize on the rapidly growing New Jersey cannabis market. The state's market growth and the company's strategic investments are likely to positively impact Grown Rogue's stock in the short term.
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