Green Thumb signs $80M deal to acquire Connecticut
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Posted On: 01/07/2019 2:50:11 PM
Green Thumb signs $80M deal to acquire Connecticut medical marijuana firm
Published 44 mins ago
Green Thumb Industries (GTI), a vertically integrated, multistate cannabis company, signed a definitive agreement to acquire Connecticut’s Advanced Grow Labs in a deal valued at roughly $80 million.
Advanced Grow Labs, one of only four licensed medical marijuana cultivation and processing companies in the state, owns a 41,000-square-foot manufacturing facility in West Haven and a 46% stake in a not-yet-opened dispensary in Westport.
When the deal closes, Chicago-based GTI will have 12 manufacturing facilities and licenses for 85 retail shops in 11 states.
GTI went public in Canada in June via a reverse takeover and trades on the Canadian Securities Exchange under the ticker symbol GTII.
The company saw revenues increase 344% to $17.2 million in the third quarter.
Under the transaction, GTI will pay:
• $15 million in cash and 7 million subordinate voting shares of GTI stock.
• Up to an additional 1 million subordinate voting shares of GTI, subject to pricing conditions before closing.
• Additional considerations based on performance targets.
https://mjbizdaily.com/green-thumb-industries...aignId=625
Published 44 mins ago
Green Thumb Industries (GTI), a vertically integrated, multistate cannabis company, signed a definitive agreement to acquire Connecticut’s Advanced Grow Labs in a deal valued at roughly $80 million.
Advanced Grow Labs, one of only four licensed medical marijuana cultivation and processing companies in the state, owns a 41,000-square-foot manufacturing facility in West Haven and a 46% stake in a not-yet-opened dispensary in Westport.
When the deal closes, Chicago-based GTI will have 12 manufacturing facilities and licenses for 85 retail shops in 11 states.
GTI went public in Canada in June via a reverse takeover and trades on the Canadian Securities Exchange under the ticker symbol GTII.
The company saw revenues increase 344% to $17.2 million in the third quarter.
Under the transaction, GTI will pay:
• $15 million in cash and 7 million subordinate voting shares of GTI stock.
• Up to an additional 1 million subordinate voting shares of GTI, subject to pricing conditions before closing.
• Additional considerations based on performance targets.
https://mjbizdaily.com/green-thumb-industries...aignId=625
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