GrowPros Cannabis Gains Equity Interest in Herbaceous
GrowPros Cannabis Ventures Inc. (CSE:GCI) announced that it has entered into an agreement with Herbaceous Inc., an MMPR applicant that has been granted a ready to build letter.
As quoted in the press release:
Under the terms of the agreement, and in exchange for strategic consulting services, GrowPros will receive a 10% equity interest in Herbaceous Inc. as well as an option to purchase an additional 15% equity interest (at the current $10 million dollar valuation of the company) upon receipt of the cultivation license under the MMPR. GrowPros was instrumental in introducing a private equity group which has provided a commitment for $6,000,000 subject to due diligence in an equity financing for Herbaceous. Herbaceous anticipates finalizing the transaction by March 1, 2015.
Ryan Brown, CEO of GrowPros, commented:
This transaction furthers GrowPros vision as a diversified cannabis venture firm with a focus on acquiring interests in multiple advanced stage MMPR applicant producers.