TORONTO, March 26, 2019 /PRNewswire/ - Cannabis Growth Opportunity Corporation ("CGOC", or the "Company") (CSE: CGOC), a cannabis focused investment corporation with both public and private cannabis holdings, is pleased to report that Vireo Health International Inc. ("Vireo"), one of the private portfolio holdings commenced trading on the Canadian Securities
Vireo is a physician-founded and scientifically-focused multi-state medical cannabis company. CEO Dr. Kyle Kingsley founded the Company in 2014 after winning one of only two vertical licenses issued by the state of Minnesota. The Company has gone on to expand its business across multiple states, focusing its efforts on limited license medical states. Vireo has a successful track record of winning licenses in competitive application processes.
Jamie Blundell, President and Chief Operating Officer of CGOC commented, "Vireo has proven to be a committed and dedicated company, who have achieved their goals and objectives as stated. We expect significant upside within the company as they continue to expand their reach across the US.
"Our investment in Vireo has provided a return of 188% in nine months and is a great example of how our private investments can quickly add value to CGOC. This will positively impact our NAV when calculated in April. At the current share price, CGOC represents a unique and vastly discounted opportunity to benefit from the continued success within this sector."
Dr. Kyle Kingsley, CEO and Founder of Vireo commented, "Our partnership with CGOC has been extremely beneficial, providing not only funding, which helped drive our exponential growth in 2018, but also valuable guidance and expertise as we prepared to go list on the CSE. We look forward to continuing our mutually beneficially relationship."
Highlights of Vireo Public Offering:
CGOC Return on InvestmentCGOC invested in Vireo in July of 2018, for a total of $1,971,710 for 33,500 units consisting of preferred shares in the Company. Subsequent with the go public transaction, the preferred shares were converted (at an exchange ratio of 30.0048) into 1,005,161 common shares of the Company. This represents a gain of $3.7 million or 188% for CGOC.
About Vireo Vireo Health International, Inc. is America's leading science-focused, multi-state cannabis company. Vireo's physician-led team of more than 300 employees is dedicated to providing best-in-class cannabis products and customer experience. Vireo cultivates cannabis in environmentally-friendly greenhouses, manufactures pharmaceutical-grade cannabis extracts, and sells its products at both company-owned and third-party dispensaries. The Company currently has operations in seven states including Arizona, Minnesota, New York, Pennsylvania, Maryland, Rhode Island, and Ohio.
For more information please visit www.vireohealth.com
About CGOCCGOC is an investment corporation that offers unique global exposure to the emerging global cannabis sector. CGOC's main objective is to provide shareholders long-term total return through its actively managed portfolio of securities, both public and private, operating in, or that derive a portion of their revenue or earnings from products or services related to the cannabis industry.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Cannabis Growth Opportunity Corporation
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