Funding to accelerate cannabis retail, vertical integration and cultivation expansion throughout California and New Mexico
MARCH 17, 2021
SACRAMENTO, Calif. – Today, MWG Holdings Group, Inc. (“MWG” or “Company”), an executive management and holding company, announced the closing of its Series B Preferred Private Placement (“Private Placement”) for aggregate gross proceeds of USD$10.8 million.
Proceeds from this Private Placement will be invested towards further strengthening the Company’s cannabis retail expansion and vertical integration, including the execution and integration of strategic acquisitions and new license applications, as well as increasing cultivation capacity in support of its retail stores.
MWG’s wholly-owned subsidiaries currently operate 15 cannabis retail operations in California and New Mexico, including its award-winning Perfect Union-branded stores, with definitive and immediate plans to open or acquire multiple new California storefronts in the first half of 2021.
“The closing of our Series B round accelerates Perfect Union’s trajectory towards becoming a leading vertically-integrated cannabis retailer in California,” said MWG Executive Chairman Chris Running. “We believe our management team’s ability to execute at such a high level and fast pace under challenging conditions while generating 84% YOY same-store sales growth and positive EBITDA is exemplary, and we intend to maintain this intensity as we solidify our leadership in the world’s largest regulated cannabis market.”
“Perfect Union’s ability to successfully expand in 2020 into five additional new cannabis retail locations during a global pandemic demonstrates the company’s culture of excellence, loyal customer base, passionate staff and seasoned leadership,” said MWG and Perfect Union CEO David Spradlin. “We are well-positioned to launch or acquire and rebrand up to 12 new California storefronts in 2021, providing new communities with our quality cannabis products, one-on-one service and good-paying jobs with benefits and career opportunities.”