CHICAGO, Nov. 30, 2018 (GLOBE NEWSWIRE) -- GG & K Holdings, LLC ("GG&K") announced today that, in connection with the business combination (the “Business Combination”) completed on November 30, 2018 among certain parties, including Cresco Labs Inc. (the “Company”) and Cresco Labs, LLC (“Cresco”), GG & K, directly or indirectly, holds an aggregate of 28,320,000 units of Cresco (the “Redeemable Units”), which are ultimately convertible into 28,320,000 Subordinate Voting Shares of the Company.
Immediately prior to the completion of the Business Combination, GG & K did not own or exercise control or direction over any securities of the Company. The Redeemable Units represent, on an as-converted to Subordinate Voting Share-basis, 56.42% of the issued and outstanding Subordinate Voting Shares (assuming the conversion only of those convertible securities held by GG & K and not any other convertible securities of the Company), and 10.49% of outstanding Subordinate Voting Shares on a fully diluted basis.
GG & K holds and controls the Redeemable Units for investment purposes only and GG & K may increase or decrease his beneficial ownership or control over the shares of the Company, which he may do, from time to time, depending on market or other conditions and to the extent deemed advisable in light of his general investment strategy.
This news release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the anticipated filing of an early warning report (the "Early Warning Report"). A copy of the Early Warning Report will be available on SEDAR under the Company's issuer profile at www.sedar.com and can be obtained by contacting the Company as set out below.
For further information please contact:
John Schetz, General Counsel, Cresco Labs Inc.
520 W Erie St #220,
Chicago, IL 60654
USA
Phone: (312) 410-8226
Email: john.schetz@crescolabs.com