Craft cannabis brand Gage Cannabis Co. is poised to raise up to $50 million through a share offering.
The Detroit-based company is offering more than 28.5 million shares of subordinate voting shares at $1.75 per share.
Gage hired broker-dealer The Dalmore Group to advise the process.
Gage executive chair Bruce Linton said Wednesday that the company opted to "provide investors with the opportunity to invest in a growing and dominant cannabis operation before an official IPO process."
Linton is the former CEO and co-founder of Canopy Growth Corp CGC.
Gage is the exclusive cultivator and retailer for several brands such as Runtz, Grandiflora, SLANG Worldwide, OG Raskal, Cookies, and Lemonnade. In addition, it also commercializes its proprietary brand portfolio in Michigan.
Linton — previously with Vireo Health International Inc. VREO VREOF — says Gage is "poised to continue building on its historical execution and fortifying its position as one of the top operators and brands in Michigan."
Besides five dispensaries, it already operates, the company intends to open three additional retail locations by the year-end and more than 20 stores in the following year.
Gage president Fabian Monaco invited public investors to "join alongside industry juggernauts, like Bruce Linton, and provide them with the opportunity to participate in our future success."
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