Green Thumb Industries Announces Initial Public Offering in the U.S. to Raise US$100,000,000
First Public Sale of Equity Registered with the U.S. Securities Exchange Commission by Green Thumb Industries
CHICAGO and VANCOUVER, British Columbia, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (“Green Thumb”) (CSE: GTII) (OTCQX: GTBIF), a leading cannabis consumer packaged goods company and owner of Rise Dispensaries, today announced that its Form S-1 registration statement relating to the potential sale of up to 10,000,000 of its subordinate voting shares (the “Registration Statement”), has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) as of February 8, 2021. Shortly following becoming effective, Green Thumb received and accepted an offer from a single institutional investor to purchase approximately 3.1 million registered subordinate voting shares at $32.03 per share for a total of US$100,000,000. The sale will close on February 9, 2021.
“Institutional investors are waking up to the great American cannabis growth story,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “This investment reflects the very real interest, understanding, and momentum behind the potential $100 billion U.S. cannabis opportunity that is happening now. The industry needs more meaningful access to capital to unleash the true economic and social growth potential. The next step should be allowing U.S. cannabis companies to formally list on major U.S. exchanges just like our Canadian counterparts. The U.S. cannabis industry creates jobs, tax revenue, and has the opportunity to address head on some of the major injustices and inequities brought on by the War on Drugs.”
As further described in the Registration Statement, the principal purposes of this offering are to increase Green Thumb’s capitalization and financial flexibility.
The offering is being made only in the United States by means of a prospectus. Copies of the Registration Statement and prospectus may be accessed through the U.S. Securities and Exchange Commission's website at www.sec.gov, and from Green Thumb’s Investor Relations Department at 325 W. Huron Street, Suite 700, Chicago, IL 60654 or by calling 310-622-8257.
The offering is on a “self-underwritten, best efforts” basis.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The subordinate voting shares being offered pursuant to the Registration Statement (i) have not been qualified for distribution by prospectus in Canada, and (ii) may not be offered or sold in Canada during the course of their distribution except pursuant to a Canadian prospectus or prospectus exemption.
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