Green Thumb To Sell 10M Shares

RISE dispensary owner Green Thumb Industries GTII GTBIF is on its way to selling ten million shares.

According to a Friday press release, the company has filed an S-1 with the U.S. Securities and Exchange Commission to enable the transaction, once the registration is valid.

Green Thumb, which switched to U.S. GAAP accounting previously, said this move is an “initial public offering of securities in the United States.”

The company intends to utilize the proceeds to improve its capitalization and financial flexibility.

In addition, it opted to sell securities straight to investors.

Several other companies in the cannabis sector made similar steps, including Curaleaf CURA CURLF, as well as Cresco Labs CL CRLBF and Trulieve TRUL TCNNF.

Curaleaf announced it would sell additional equity through filing a shelf-registration, the press release said.

Both Cresco and Trulieve submitted shelf registrations; however, neither of them opted to sell equity.

Meantime, GTI has been expanding its presence in Nevada.

In May, The Chicago-headquartered cannabis cultivator and retailer cut the ribbon on its fourth location in the Las Vegas area.

GTI is present within 12 U.S. markets, operating 13 manufacturing facilities and holding 96 retail locations and operation licenses. In addition, it has 203 job listings.

Courtesy photo