Jim Beam Heir Enters Cannabis Industry

Ben Kovler is the founder and chairman of Green Thumb Industries

The heir to a fortune earned from bourbon during the post-Prohibition era is building a new company in the cannabis industry.

Ben Kovler is the great-grandson of Harry Blum, who invested in the Jim Beam brand after the end of Prohibition. After buying out his partners for about $1 million in 1941, Blum sold the company in 1967 for an undisclosed sum.

Kovler is also the founder and chairman of Green Thumb Industries (GTI). Today, GTI announced they will be acquiring a publically traded Canadian company in what is known as a reverse merger.

In a reverse merger, a private company purchases one already traded on a stock exchange. This allows the private company to sell shares to new investors to gain new capital. The move also avoids the complex and costly process of going public itself.


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