GrowBLOX Sciences completes $5 million private placement of its stock

Deal's funds used to support growth and for general corporate purposes

By Devika Patel

Knoxville, Tenn., June 2 - GrowBLOX Sciences, Inc. said it raised $5 million in a private placement of stock.

Proceeds will be used to support growth, as well as for general corporate purposes.

"We are very pleased with the success of this capital raise and the expression of continued confidence from the investment community," director and chief financial officer Steven Weldon said in a press release. "The additional capital will allow us to continue business plans for the manufacturing of our GrowBLOX indoor growing chambers and the continued pursuit of medical marijuana licenses across the United States."

The cannabis research and biotechnical company is based in Las Vegas.

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