Cresco Labs closes $100 million raise, draws insti
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Posted On: 10/08/2018 3:41:34 PM
Cresco Labs closes $100 million raise, draws institutional investors to cannabis industry
Published October 5, 2018 | By Lisa Bernard-Kuhn
Cresco Labs is pursuing a reverse takeover (RTO) of a firm already listed on the Canadian Securities Exchange. The maneuver has become a go-to method among U.S. cannabis firms looking to go public in Canada.
Bachtell said he could not share additional details about Cresco’s plans, other than he expects the RTO and public listing to take place this quarter.
Green Thumb Industries (CSE: GTII) (OTCMKTS: GTBIF) is now trading at a valuation of nearly $3 billion Canadian dollars ($2.3 billion) since going public in Canada in June. The company’s stock on Thursday was trading at CA$20.43 – more than double the company’s trading debut of CA$8.95.
“Many U.S. operators are still relatively under the radar compared to their Canadian peers, but as more firms goes public, I think it will generally bring a lot more attention to the U.S. companies,” Kessner said.
Cresco first began considering going public in Canadian nearly a year ago.
“So much has changed in the industry since then,” he said. “The maturation of the industry and the acceptance of the investment community – especially for multistate operators – have developed and evolved significantly in the last 12 to 15 months.”
Launched three years ago in Illinois, Cresco Labs also has operations in Arizona, California, Nevada, Ohio and Pennsylvania.
https://mjbizdaily.com/cresco-labs-closes-100...aignId=439
Published October 5, 2018 | By Lisa Bernard-Kuhn
Cresco Labs is pursuing a reverse takeover (RTO) of a firm already listed on the Canadian Securities Exchange. The maneuver has become a go-to method among U.S. cannabis firms looking to go public in Canada.
Bachtell said he could not share additional details about Cresco’s plans, other than he expects the RTO and public listing to take place this quarter.
Green Thumb Industries (CSE: GTII) (OTCMKTS: GTBIF) is now trading at a valuation of nearly $3 billion Canadian dollars ($2.3 billion) since going public in Canada in June. The company’s stock on Thursday was trading at CA$20.43 – more than double the company’s trading debut of CA$8.95.
“Many U.S. operators are still relatively under the radar compared to their Canadian peers, but as more firms goes public, I think it will generally bring a lot more attention to the U.S. companies,” Kessner said.
Cresco first began considering going public in Canadian nearly a year ago.
“So much has changed in the industry since then,” he said. “The maturation of the industry and the acceptance of the investment community – especially for multistate operators – have developed and evolved significantly in the last 12 to 15 months.”
Launched three years ago in Illinois, Cresco Labs also has operations in Arizona, California, Nevada, Ohio and Pennsylvania.
https://mjbizdaily.com/cresco-labs-closes-100...aignId=439
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