- Gage Cannabis secures minimum $20 million investment from JWAM to expand cultivation and retail footprint, pursue accretive acquisitions, and solidify position as leading operator in the state of Michigan
- JW Asset Management is widely recognized as one of the premier investors in the cannabis sector
- In just over a year, Gage operations have grown to five provisioning centers, three cultivation facilities, and one processing facility
As general public access for its Regulation A, Tier 2, equity financing closed, Gage Cannabis Co. announced that it has secured a minimum $20 million investment from JW Asset Management LLC (“JWAM”) as part of the offering (https://cnw.fm/Xt8hn). Gage intends to use the funds to accelerate the expansion of its retail and cultivation footprint, pursue accretive acquisitions, and help position and solidify the company as the leading cannabis operator in the state of Michigan.
“JW Asset Management is widely recognized as one of the premier investors in the cannabis sector,” said Gage President Fabian Monaco. “Their participation provides Gage with a strong balance sheet that enables us to further establish our brand in one of the fastest-growing cannabis markets in the United States. We are confident in executing on our 2021 goals, driven by the growth of both the cultivation and dispensary arms of our business. We are fortunate to have developed a strong relationship with JWAM and are grateful for their support as we capitalize on the opportunities ahead in Michigan.”
JWAM has already paid the first tranche of the commitment — approximately $10 million; Gage expects to receive the remaining portion by the end of the year. In consideration for JWAM’s participation in the offering at $1.75 per share, Gage will issue an equivalent number of warrants to purchase subordinate voting shares of the company, with each warrant allowing the holder to purchase one subordinate voting share Gage Cannabis for $2.60.
“Gage has rapidly established a strong footprint in Michigan, and I’m thrilled to participate in their growth,” said JWAM Founder and President Jason Wild. “I’m confident that Gage’s experienced team will continue to execute on the opportunity ahead as they drive strong value for their shareholders.”
Since the first retail opening in September 2019, in just over a year, the company’s operations have grown to five provisioning centers (or dispensaries), three cultivation facilities, and one processing facility scattered across the state. And the company isn’t ready to stop anytime soon. It has announced plans to double its retail footprint by the end of the first quarter of 2021. In addition, Gage is pursuing a go public transaction, tentatively scheduled for completion by the end of Q1 2021.
About Gage Cannabis Co.
Gage Cannabis Co. is innovating and curating the highest quality cannabis experiences possible for cannabis consumers in the state of Michigan and bringing internationally renowned brands to market. Through years of progressive industry experience, the firm’s founding partners have successfully built and grown operations with federal and state licenses, including cultivation, processing and retail locations. Gage’s portfolio includes city and state approvals for 19 “Class C” cultivation licenses, three processing licenses and 13 provisioning centers (dispensaries).
For more information, visit the company’s website at www.GageUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to Gage Cannabis are available in the company’s newsroom at https://cnw.fm/GAGE
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