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GTI Raises Additional $56M Through Share Sale

February 23, 2021 10:32 am
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GTI Raises Additional $56M Through Share Sale

Cannabis consumer packaged goods company Green Thumb Industries Inc. (OTCQX:GTBIF) is getting yet another tranche of financing.

After raising some $100 million by selling 3.1 million shares at $32.03 per share earlier this month, the Chicago-based company secured an additional $56 million in financing through the sale of its shares.

The Rise dispensary owner confirmed Tuesday it has sold some 1.6 million shares at $35.5 per share.

GTI announced recently it plans to sell up to 10 million of its subordinate voting shares to boost its capitalization and financial flexibility.

The current offering is expected to close on Tuesday, Feb. 23.

GTI founder and CEO Ben Kovler disclosed they are "excited by the momentum and is proactively advocating for U.S. cannabis companies to receive access to U.S. exchanges like our Canadian peers."

"The strength of investor demand suggests growing confidence within the U.S. capital markets for cannabis," Kovler added.

According to its recent earnings report, GTI's revenue spiked 131.1% year-over-year and 1.3% sequentially to $157.1 million in the third quarter.

Kovler praised the company's performance over the period, highlighting its achievements in Illinois, New Jersey, Pennsylvania and Ohio.

Even though the year kicked off with some board departures, GTI additionally boosted its retail footprint in the Keystone State by launching a 6,000-square-foot Rise store in Erie in February.