Safe & Green Holdings Corp. Announces Warrant Inducement Transaction

Green Growth Brands Subsidiary to Issue Warrants to Purchase up to 107,142,857 Common Shares

Transaction Will Provide Company with Growth Capital and Strengthen Balance Sheet

Boca Raton, FL, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (“Safe & Green” or the “Company”) (OTCQB: SGHC), a leading vertically integrated cannabis company focused on cultivation, extraction, processing, manufacturing, and retail, today announced that its wholly-owned subsidiary, Green Growth Brands, Inc. (“GGB”), has entered into a non-dilutive warrant inducement transaction with certain investors (the “Warrant Transaction”) for gross proceeds of approximately $2.4 million.

Pursuant to the Warrant Transaction, GGB will issue to the investors warrants to purchase up to 107,142,857 common shares of GGB (the “Warrants”). The Warrants will have an exercise price of $0.022 per share and will be exercisable for a period of five years from the date of issuance.

The net proceeds from the Warrant Transaction will be used for working capital and general corporate purposes, including the continued expansion of GGB’s cultivation and retail operations. The Warrant Transaction is expected to close on or about September 25, 2023, subject to the satisfaction of customary closing conditions.

Safe & Green CEO Anthony Sanzio commented, “This non-dilutive financing provides Green Growth Brands with additional capital to execute on its growth strategy and strengthen its balance sheet. We appreciate the support of our investors and look forward to continuing to execute on our mission of providing high-quality cannabis products to consumers throughout the United States.”

Safe & Green Holdings Corp. (OTCQB: SGHC) is a vertically integrated cannabis company focused on cultivation, extraction, processing, manufacturing, and retail. The Company operates cultivation facilities in Nevada and Oklahoma and retail stores in Nevada, Oklahoma, and Florida. Safe & Green’s mission is to provide high-quality cannabis products to consumers throughout the United States.

Green Growth Brands, Inc. is a leading vertically integrated cannabis company with operations in cultivation, processing, manufacturing, and retail. The Company’s products are sold through its retail stores, online, and through its wholesale distribution network. Green Growth Brands is committed to providing high-quality cannabis products to consumers and creating a positive impact on the communities in which it operates.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those anticipated. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties associated with the cannabis industry, the regulatory landscape, and the Company’s financial condition. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances.