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Grown Rogue Shares up 13%, Says Forming Subsidiary to Acquire Cannabis Assets in New York

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Grown Rogue International (GRIN.CN), up 13% on last look, Friday said it is forming a subsidiary, Grown Rogue New York, to acquire PharmaCann's New York license and assets.

The assets include PharmaCann's Hamptonburgh cannabis cultivation and manufacturing facility, and four dispensaries under the Verilife brand, two serving both medical and adult-use customers and two operating as medical-only locations.

Grown Rogue New York is a 51/49 joint venture with a capital partner. The partner provided an initial $10 million in exchange for a 49% preferred equity interest in GRNY, with Grown Rogue retaining a 51% interest, a statement said.

Grown Rogue shares were last seen up C$0.08, to C$0.68, on the Canadian Securities Exchange.

Price: $0.68, Change: $+0.08, Percent Change: +13.33%

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