FREDERICK, Md., Aug. 24, 2018 /PRNewswire/ -- Green Leaf Medical, LLC, a vertically integrated cannabis operation, announces $6 million raised towards an $18 million fundraising effort. The company holds medical cannabis licenses in three contiguous states, Maryland, Pennsylvania and Ohio, a combined population of approximately 30 million residents, with two applications pending in Virginia. To date, the company's reported 2018 revenues reach approximately $5.2 million. Green Leaf Medical is currently exploring an IPO or RTO on the Canadian Stock Exchange.
The company currently operates from a 45,000 square foot cultivation facility in Frederick, Maryland as well as a processing lab in Bishopville, Maryland. Both revenue generating, the operations sell both flower and concentrate products under the gLeaf brand. Green Leaf expects to use a portion of the funds raised to complete the acquisition of interest in an undisclosed Maryland dispensary. Green Leaf Medical's application was ranked #1 in Maryland, beating out 146 competitors.
Green Leaf Medical holds a license in Pennsylvania to cultivate and process medical cannabis. The company is currently building out phase one (approximately 85,000 square feet) of its 274,000 square foot Saxton, PA facility. Green Leaf owns the building and 32 acre property outright, carrying no notes. Green Leaf will use a portion of the funds raised to complete the build out and fund Pennsylvania operations. Green Leaf's Pennsylvania Application was ranked #1 in the South Central Region of the State.
Green Leaf Medical holds an interest in a license in Ohio to dispense medical cannabis in Ohio. A portion of the funds raised will be used to complete build out of Ohio dispensary and to fund operations. Green Leaf is seeking opportunities to acquire a license to cultivate and process in Ohio as well.
Green Leaf Medical has two vertically integrated applications pending in Virginia. Those awards are expected to be announced September 26, 2018.
Green Leaf Medical has an interest in an application for a vertically integrated license in New Jersey that is expected to be submitted by August 31, 2018.
"This capital raise, along with our existing assets and infrastructure, position Green Leaf Medical as a dominant enterprise among East Coast medical cannabis operations," said Philip Goldberg, Green Leaf Medical's CEO.