Benzinga | Dec 3, 2021 11:08AM EST

Gage Growth's Stock Up On Announcing DTC Eligibility & Acquisition Of Sturgis MI Dispensary

Cannabis company Gage Growth Corp. (CSE:GAGE) (OTCQX:GAEGF) announced Friday that its subordinate voting shares have been approved for DTC full-service eligibility in the United States by the Depository Trust Company and can now be both traded and serviced through DTC's electronic book-entry system.

Fabian Monaco, CEO of the Detroit, Michigan-based company, called the move an "important milestone in making Gage's shares accessible to the widest audience possible."

As Depository Trust & Clearing Corp.'s subsidiary, DTC, provides clearing and settlement services for the financial markets and settles the majority of securities transactions in the United States.

The electronic method of clearing securities speeds up the receipt of stock and cash, thus accelerating the settlement process for investors and brokers.

"Being DTC eligible will simplify and enhance the process for transferring the Company's shares between brokerages in the United States and will provide increased liquidity," Monaco further explained.

Simultaneously, Gage revealed that it has followed through with its acquisition of a dispensary located in Sturgis, which is expected to be re-branded as a Cookies store. It marks the 17th license in the company's retail portfolio. Sturgis is strategically located near the border of Indiana.

More recent news from Gage Growth:

Gage Posts Record Q3 $27.2M Revenue Ahead Of Acquisition By TerrAscend

Gage Growth Borrows $55 Million To Support Acquisitions Across Michigan

Cannabis Companies On The Move: TerrAscend, Gage Shareholders Overwhelmingly Approve Merger

TerrAscend Enters Into Agreement to Acquire Gage's Licensed Operators

GAEGF Price Action

Gage Growth's shares traded 3.89% higher at $1.87 per share at the time of writing Friday morning.

Photo Courtesy of Gage Growth Corp.