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.
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.