Cannabis multistate operator Vireo Growth raised $6 million more than it hoped for in a private placement offering that closed Dec. 30.
The Minneapolis-based company initially planned a $75 million equity raise but instead raised about $81 million, according to a news release.
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Vireo plans to use net proceeds from the offering for business development – including growth investments, working capital and general corporate purposes.
The closing “marks the beginning of a new chapter for Vireo,” CEO John Mazarakis said.
Mazarakis, who was named CEO last month, is a co-founder of Chicago Atlantic, a cannabis-focused investment company that formed a special-purpose vehicle to pool investor capital, enabling it to subscribe for a portion of the subordinate voting shares issued in the offering.
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