Chicago-based medical cannabis grower and dispensary owner Green Thumb Industries began trading Wednesday on the Canadian Securities Exchange.
The stock (ticker GTII) raised about $67 million US through a brokered and non-brokered private placement in which shares were sold at about $6. The placement ended Tuesday, and the company was valued at just under $850 million.
“Listing on the CSE provides access to capital to fuel the company’s strategic growth,” GTI Founder and Chairman Ben Kovler said in a press release. “But it doesn’t change our focus on capital allocation and execution to optimize shareholder value. We will continue to move the business forward while providing the best possible customer experience.”
The listing follows the previously announced reverse takeover of a Canadian public company, Bayswater Uranium Corporation, U.S.‐based VCP23, LLC, the owner of Green Thumb Industries. The public company was subsequently renamed Green Thumb Industries Inc.
GTI owns and operates seven manufacturing facilities, distributes cannabis products and operates retail locations in Illinois, Pennsylvania, Ohio, Massachusetts, Maryland, Florida and Nevada. GTI recently opened its 13th RISE brand dispensary and is on its way to a 50-store retail chain. GTI’s revenue in 2017 exceeded $20 million US.
“The opportunity to touch the lives of more customers through expanding our brand distribution footprint and the RISE retail experience is extremely rewarding,” said GTI Chief Executive Officer Pete Kadens. “We have the right infrastructure and people in place — and we will work to maximize GTI’s potential for the shareholders who’ve entrusted us with their capital.”