Cannabis company Green Thumb Industries Inc. GTBIF, -3.86% GTII, -3.92% said Tuesday it has raised about $56 million in capital by selling 1.6 million subordinate voting shares priced at $35.50 a share. The stock closed Monday at $35.35. The deal comes after a previous share sale that closed on Feb. 9 and raised $100 million. “The strength of investor demand suggests growing confidence within the U.S. capital markets for cannabis,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. Cannabis stocks have been rallying on hopes for reforms of U.S.’ strict laws that continue to classify the plant as a Schedule I drug, alongside heroin. President Joe Biden’s administration is viewed as favoring reform, and already Senate Majority leader Chuck Schumer has pledged to make reform a key priority in the current Congress. “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. This access is a key step to unlock greater job creation, significantly more tax revenue and a more robust effort to right some of the wrongs caused by the war on drugs.” The company’s U.S.-listed shares were not active premarket, but have gained 312% in the last 12 months, while the Cannabis ETF THCX, -14.45% has gained 85% and the S&P 500 SPX, -1.02% has gained 16%.
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