Green Thumb Industries Wednesday joined the rising record of U.S. hashish companies to go public in Canada’s booming marijuana market, with buyers giving the inventory an preliminary thumbs up.
The Chicago-based hashish grower and dispensary operator debuted on the Canadian Securities Exchange beneath the ticker image GTII.
Its inventory closed Wednesday at eight.95 Canadian dollars ($6.89), up 74 cents from the day’s opening worth.
Increasingly, U.S. marijuana corporations, together with multistate operators iAnthus Capital and MedMen, are turning to Canada’s public markets to faucet easier-to-access swimming pools of capital.
Marijuana’s unlawful standing in the eyes of Uncle Sam has spurred U.S. corporations to trek north of the border to record their shares.
Denver-based Dixie Brands CEO Chuck Smith stated his edibles firm expects to stipulate its plans inside the subsequent month to go public in Canada.
For Green Thumb, the corporate selected to pursue a reverse takeover of Vancouver, British Columbia-based shell firm Bayswater Uranium.
The deal mimics the transfer of many different companies, together with MedMen, and permits the agency to go public with out launching an preliminary public providing of its shares.
In reference to the reverse takeover, Green Thumb raised roughly CA$87 million via a brokered and nonbrokered personal placement.
With greater than 350 staff, Green Thumb operates seven hashish manufacturing amenities and has licenses for 50 retail shops in seven states.