Green Thumb Industries, a Chicago-based cannabis grower and dispensary operator, launched its plans to go public in Canada’s booming marijuana market.
The multistate firm has signed a letter of intent to full a reverse takeover of Vancouver, British Columbia-based Bayswater Uranium Corp., which has pursuits in properties throughout Canada and in Wyoming.
The deal charts a path for Green Thumb (GTI) to go public with out launching an preliminary public providing of its shares – the normal route for many corporations.
Instead, in accordance to a information launch, the corporate will create a particular class of voting shares that can be issued to Green Thumb safety holders, giving the firm a majority stake in Bayswater.
Under the phrases of the settlement, Bayswater can be delisted from the TSX Venture, the place it’s traded as BYU.H.
The ensuing firm will function underneath the Green Thumb identify and can search to listing its shares on the Canadian Securities Exchange.
Los Angeles-based MedMen introduced a equally structured deal final month because it additionally works to go public in Canada this yr.
Ben Kovler – Green Thumb’s founder and chairman and an inheritor to the Jim Beam legacy – advised Bloomberg the cannabis business is analogous to the post-Prohibition period of the 1930s, and, thus, there are lots of alternatives for progress.
The deal, which is topic to regulatory approvals by the Toronto Stock Exchange, is slated to shut by July.
Green Thumb at present operates seven cannabis manufacturing amenities in six states. It just lately opened its 12th retail retailer with plans for no less than 20 places by the top of 2018.