“Listing on the CSE provides access to capital to fuel the company’s strategic growth,” said GTI Founder and Chairman Ben Kovler. “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 successful completion of the previously announced reverse takeover of a Canadian public company (Bayswater Uranium Corporation (“Bayswater”)) by U.S.‐based VCP23, LLC, the owner of Green Thumb Industries. The public company was subsequently renamed Green Thumb Industries Inc. In connection with this reverse takeover and the listing on the CSE, the company raised approximately CAD $87 million or US $67 million through a brokered and non-brokered private placement.
With a vertically integrated supply chain, GTI owns and operates seven manufacturing facilities, distributes a well-rounded suite of branded cannabis products, and operates a chain of retail locations in seven highly regulated, limited supply U.S. markets: Illinois, Pennsylvania, Ohio, Massachusetts, Maryland, Florida and Nevada. GTI recently opened its 13th RISE dispensary and is on its way to a 50-store retail chain. GTI’s revenue in 2017 exceeded US $20 million and is on track for continued growth in 2018.
“The opportunity to touch the lives of more customers through expanding our brand distribution footprint and the RISE retail experience is extremely rewarding,” says 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.”
GTI engaged GMP Securities L.P. and Canaccord Genuity Corp. to act as co-bookrunners on behalf of a syndicate of agents (including Beacon Securities Limited, Echelon Wealth Partners Inc. and Eight Capital) to complete the brokered financing. Cassels Brock & Blackwell LLP served as counsel to GTI regarding the financing and the listing on the CSE. In connection with the transaction, Bayswater was de-listed from the Toronto Venture Exchange effective June 12, 2018.
A listing statement with information about GTI and prepared in accordance with the policies of the CSE will be available on SEDAR at www.sedar.com.
About Green Thumb Industries:
Green Thumb Industries (GTI), a multi-state cannabis cultivator, processor and dispensary operator, is dedicated to providing dignified access to safe and effective cannabis nationwide while giving back to the communities in which they serve. As a vertically integrated company, GTI manufactures and sells a well-rounded suite of branded cannabis products including flower, concentrates, edibles, and topicals. The company also owns and operates a rapidly growing multi-state chain of retail cannabis stores called RISE™ dispensaries. Headquartered in Chicago, Illinois, GTI has seven manufacturing facilities and licenses for 50 retail locations across seven highly regulated U.S. markets. Established in 2014, GTI employs more than 350 people and serves hundreds of thousands of patients and customers each year. GTI was named a Best Workplace 2018 by Crain’s Chicago Business. More information is available at GTIgrows.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute “forward‐looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of GTI with respect to future business activities. Forward‐ looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and include information regarding: (i) statements regarding the future direction of GTI (ii) the ability of the Company to successfully achieve its business objectives, (iii) plans for expansion of GTI, and (iv) expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect GTI management’s expectations, estimates or projections concerning the business of GTI future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although GTI believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: the potential impact of the announcement of the going public transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws; and increasing costs of compliance with extensive government regulation. This forward‐looking information may be affected by risks and uncertainties in the business of GTI and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although GTI has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. GTI does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.
No securities regulatory authority has in any way passed upon the merits of the proposed transactions described in this news release or has approved or disapproved of the contents of this news release.
Linda Marsicano
GTI - Media Contact
773-354-2004
lmarsicano@gtigrows.com
Jennifer Dooley
GTI - Investor Contact
310-622-8257
InvestorRelations@gtigrows.com
© 2018 GlobeNewswire
