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Green Thumb Industries Sells $79M Stake To Undisclosed Investor

October 30, 2020 2:50 pm
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Green Thumb Industries (CSE:GTI) (OTCQX:GTBIF) confirmed Friday that an undisclosed institutional investor bought 5.5 million subordinated voting shares in the company for $79 million.

The shares were disposed of by an LLC controlled by GTI chief executive Ben Kovler.

Each share was priced at CA$19.25.

The sale was a private transaction, and represented 2.5% of GTI's fully-diluted shares outstanding and 19% of Kovler's ownership.

The Essence dispensary owner filed an S-1 with the U.S. Securities and Exchange Commission in August to enable the sale of its ten million shares.

The company disclosed that this move was an "initial public offering of securities in the United States."

Meantime, the Chicago-headquartered company recently partnered with Berner's Cookies to introduce the Cookies' first Nevada-based store.

The two parties opted to rebrand the Essence store in Las Vegas to "Cookies on the Strip". The store is poised to open in the first quarter of 2021.

The cannabis cultivator and retailer also launched its fourth Essence store in the Las Vegas area in May.

Besides the Essence store, GTI is also the owner of RISE dispensaries, spread across eight states, including Illinois, Florida, Maryland, Massachusetts, New Jersey, Ohio, Pennsylvania, and Nevada.

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