Brings total funds raised since announcing a reverse takeover in July to more than $140 million

Green Growth Brands, a cannabis lifestyle consumer product company, has announced the closing of a private placement investment of $55 million, bringing the total funds raised since it announced a reverse takeover in July to more than $140 million.

The Columbus, Ohio-based company is backed by the Schottenstein family, and is led by seasoned retail veteran Peter Horvath, who played senior executive roles at American Eagle, Victoria’s Secret, DSW and Limited Brands.

“We’ve seen a significant amount of interest in the company, not only from consumers and industry partners, but from the investment community at large,” Horvath said in a news release. Details of the parties involved in the private placement were not disclosed.

“We’re very focused on quickly expanding our footprint across North America, and this funding will allow us to acquire additional cannabis licenses and grow facilities.”

The company said its initial private placement of more than $86 million was increased from its original target of $55 million due to significantly heightened demand. The company plans to resume trading on the Canadian Securities Exchange, after completing a reverse takeover of Xanthic Biopharma Inc.