11/04/2025 | Press release | Distributed by Public on 11/04/2025 14:39
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FORM 4
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) | ||
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1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) |
4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Convertible Note (right to buy) | $3.157 | 11/03/2025 | M | $10,175,000(1) | (1) | (1) | Common Stock | 3,222,997(1) | (1) | 0 | D(2) | ||||
| Pre-Funded Warrants (right to buy) | $0.001 | 11/03/2025 | M | 3,222,997 | (3) | (3) | Common Stock | 3,222,997(3) | $3.157(3) | 3,222,997 | D(2) | ||||
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
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RSLGH, LLC 325 W. HURON STREET SUITE 700 CHICAGO, IL 60654 |
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Green Thumb Industries Inc. 325 WEST HURON STREET SUITE 700 CHICAGO, IL 60654 |
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| Green Thumb Industries Inc. By: /s/ Bret Kravitz, Corporate Secretary | 11/03/2025 | |
| **Signature of Reporting Person | Date | |
| RSLGH, LLC By: /s/ Bret Kravitz, Corporate Secretary | 11/03/2025 | |
| **Signature of Reporting Person | Date |
| * | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
| ** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
| (1) | Reflects the conversion of the Convertible Note issued to RSLGH, LLC ("RSLGH") on November 5, 2024 with a maturity date of November 5, 2025 (the "November 2024 Note") into Pre-Funded Warrants. The November 2024 Note was convertible into shares of the Issuer's common stock at a conversion price of $3.158 per share or, at the option of RSLGH, into Pre-Funded Warrants for shares of common stock exercisable at $0.001 per share at a conversion price of $3.157 per warrant. |
| (2) | RSLGH was the direct beneficial owner of the November 2024 Note and is the direct beneficial owner of the Pre-Funded Warrants. RSLGH is an indirectly, wholly- owned subsidiary of Green Thumb Industries Inc. ("Green Thumb"). Green Thumb is the sole shareholder of GTI23, Inc., which is the sole member of VCP23, LLC, which is the sole shareholder of For Success Holdings Company. For Success Holdings Company is the sole member of Wellness Mgmt, LLC, which is the sole member of RSLGH. |
| (3) | Reflects Pre-Funded Warrants issued upon conversion of the November 2024 Note, with the number of Pre-Funded Warrants determined pursuant to the terms of the November 2024 Note, by dividing the $10,000,000 of outstanding principal and $175,000 of accrued but unpaid interest as of November 3, 2025 by the warrant conversion price of $3.157. The Pre-Funded Warrants are subject to a 49.99% beneficial ownership limitation with exercise also subject to stockholder approval under the applicable Nasdaq listing rules, to the extent required. |