On July 23, 2019, Spirit Bear Capital Corp. completed its qualifying transaction by way of the reverse-takeover of Gaia Grow Corp., and was listed on the TSX Venture Exchange under the ticker symbol “GAIA”. Gaia Grow is a licensed producer of hemp-based products in Canada, and is in the business of developing facilities and infrastructure for the manufacturing and marketing of hemp. Gaia Grow is also a license applicant for the cultivation of cannabis for medical purposes in Canada. In connection with completion of the transaction, Gaia Grow completed a private placement offering of subscription receipts in which it raised $4.5 million.
Cassels acted for Spirit Bear with a team that included Sam Cole (Securities) and David Hansford (Cannabis).