Cannabis MSO Green Thumb Industries raises $56 million in US share sale

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Chicago-based multistate cannabis operator Green Thumb Industries raised roughly $56 million from selling shares in the United States.

Green Thumb (GTI) accepted offers to purchase 1.6 million subordinate voting shares for $35.50 per share. The sale is expected to close Feb. 23.

The capital raise follows another funding earlier this month, when GTI sold $100 million worth of stock to an institutional investor in the U.S.

Green Thumb will use the proceeds of the $56 million capital raise “for general corporate purposes, including working capital, operating expenses and capital expenditures,” according to a prospectus filed with the U.S. Securities and Exchange Commission.

“We may also use a portion of the net proceeds to acquire or make investments in businesses, products, offerings and technologies, although we do not have agreements or commitments for any material acquisitions or investments at this time,” GTI noted in the prospectus.

In a news release issued Tuesday, Green Thumb CEO Ben Kovler said investor demand “suggests growing confidence within the U.S. capital markets for cannabis.”

“The Green Thumb team is excited by the momentum and is proactively advocating for U.S. cannabis companies to receive access to U.S. exchanges like our Canadian peers,” he said.

Shares of Green Thumb trade on the U.S. over-the-counter markets as GTBIF and on the Canadian Securities Exchange as GTII.