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Summary
- US-based pot company Gage Cannabis Co is reportedly seeking a listing on Canadian stock markets.
- While the company is yet to make an official statement revealing information about a listing, Chairperson Bruce Linton had hinted at his plans to get Gage Cannabis publicly listed in an interview in December 2020.
- The company is said to be seeking a listing on the Canadian Securities Exchange (CSE) by as early as the first week of April under the ticker of ‘GAGE’.
US-based pot company Gage Cannabis Co is said to seeking a listing on Canadian stock markets.
Gage Cannabis, a recreational marijuana dispensary based in Massachusetts, is led by veteran pot industry entrepreneur Bruce Linton, who also founded Canadian cannabis enterprise Canopy Growth Corporation.
While the company is yet to make an official statement revealing information about a listing, Mr Linton had hinted at his plans to get Gage Cannabis publicly listed in an interview in December 2020.
Here is what we know about Gage Cannabis’ public listing plans so far.
©Kalkine Group 2021
What We Know About Gage Cannabis IPO Rumors So Far?
In the interview mentioned above, Mr Linton had said that Gage Cannabis is working on generating capital for its “vertical growth plans” as well as planning a listing on Canadian markets in the first quarter of 2021. He had then said that the company was launching a Regulation A, Tier 2, equity financing.
As per the data provided on Crunchbase, Gage Cannabis raised a capital of about US$ 10 million in the funding round held in December 2020. Sources told media reports that prior to this fundraising, the company was valued at US$ 350 million.
Latest reports quoting anonymous sources said that Gage Cannabis is not actually pursuing the traditional route of an initial public offering (IPO), but going for a direct listing, aka direct public offering (DPO).
The company is said to be seeking a listing on the Canadian Securities Exchange (CSE) by as early as the first week of April under the ticker of ‘GAGE’.
©Kalkine Group 2021
A Little Backgrounder On Gage Cannabis
Bruce Linton came aboard Gage Cannabis’ team as executive chairperson in 2019. Prior to that, Mr Linton had founded Canopy Growth Corporation in 2013 and worked over the years to make it one among “the most valued” cannabis enterprises via a series of deals.
Rumors about Gage Cannabis going public has cropped up at a time when the pot industry getting a lot of attention from investors amid the growing hope of federal pot legalization in the US.
In the December 2020 interview, Mr Linton had noted that the company’s sales had surged during the COVID-19 lockdown period to stand at US$ 11.9 million in Q2 2020, which was significantly up from that of US$ 5.8 million in Q1 2020. He added that the management expected Gage Cannabis’ sales to cross the mark of US$ 13.1 million by the end of Q3 2020, which would be a jump of over 157 per cent from the nine-month period ending September 2020.
