Anne-Marie Fischer
Earlier this week Cresco Labs LLC announced plans for a reverse takeover of Vancouver-based Randsburg International Gold Corp [NEX: RGZ.H], a move that will allow Cresco to go public and seek approval to list its common shares on the Canadian Securities Exchange (“CSE”).
The proposed takeover will be structured as an amalgamation, arrangement, takeover bid, share purchase, or similar form of transaction. The transaction will require Randsburg to change its name to Cresco Labs Inc, consolidate its outstanding common shares, replace all directors and officers of the company with those nominated by Cresco, and create a new class of non-participating super voting shares that will be issued to certain principals of Cresco.
“The Canadian market has been very supportive of the U.S.-based cannabis companies and we look forward to having expanded access to capital that will help us accelerate our strategic growth plan,” said Cresco’s CEO Charles Bachtell.
Cresco is currently operating in six states as a cultivator, processor and distributor. They are responsible for bringing some of the most recognized cannabis brands to market, including Cresco (elevated everyday cannabis), Mindy’s Edibles, RESERVE, and remedy.
Earlier this month, Cresco announced that they recently closed a funding round that resulted in $100 million in capital, that will be used to expand to the 31 states that offer some form of legalized cannabis program. “This capital raise demonstrates our commitment to growing our national footprint and establishing dominant brand presence in key markets across the country,” Bachtell said of the recent fundraising success.
Cresco is one of the largest cannabis companies in the United States, with operations in Illinois, Ohio, Pennsylvania, Nevada, California, and Arizona. Cresco prides itself not only on its operations and brands, but also the education programs that aim to provide customers and physicians with information on cannabis in a straightforward and intuitive way.
Further details on the reverse takeover of Randsburg by Cresco will be included in a subsequent listing statement to be prepared and filed with the Canadian Securities Exchange and in subsequent news releases.
