Chicago marijuana company GTI goes public in Canada – Health Care News

on Jun13

13 June 2018 | 10:30 am

Green Thumb Industries, a medical-marijuana company based in Chicago, has raised $67 million on a Canadian stock exchange.

The stock begins trading this morning under the ticker GTII. Shares were sold at about $6 apiece in a private placement that closed yestersday, valuing the company at nearly $850 million. GTI went public through a reverse takeover of a shell company, Bayswater Uranium, which already was listed on the Toronto-based Canadian Securities Exchange.

“It’s just the beginning,” said CEO Pete Kadens. “(The funding) allows us to continue building a great brand and expand our geographic footprint.”

GTI, founded four years ago, has more than $20 million in revenue, it said in a statement. It has more 350 employees, including 87 in Chicago. It has licenses to grow or distribute cannabis in Illinois and six other states. The company recently won licenses in Ohio. It operates 13 dispensaries but expects to have 20 by year-end.

Among the states where it holds licenses are Nevada and Massachusetts, which have legalized recreational use of marijuana, which dramatically expands potential revenue compared with states where the drug has only been approved for medical use.

Marijuana is an illegal drug under federal law, although there is an uneasy truce with states that have legalized it. That’s why U.S. companies such as GTI are going public in Canada.

GTI is one of several Chicago-area companies that recently have gone public or announced plans to go public. Three others are pharmaceutical-related companies: Iterum Therapeutics, Xeris Pharmaceuticals and Aptinyx.

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