Chicago-based Cresco Labs started trading Monday on the Canadian Securities Exchange, including its identify to the quickly rising record of U.S.-based companies which are going public in Canada.
Here’s what you must know:
- Cresco Labs will commerce on the CSE underneath the ticker image CL.
- Shares of the multistate marijuana firm opened at eight Canadian dollars ($6.06).
- Launched three years in the past in Illinois, Cresco additionally has operations in Arizona, California, Nevada, Ohio and Pennsylvania.
- The firm’s itemizing on the CSE follows a $100 million funding spherical in October that attracted institutional buyers, a notable milestone for cannabis finance within the United States.
Cresco plans to make use of the capital to develop its footprint within the six states during which it already operates and goal new states to broaden to, the firm has stated.
Among the rising variety of U.S. cannabis companies which have just lately tapped Canadian public markets are New York-based Acreage Holdings, Colorado’s MJardin and Dixie Brands and Arizona-based Harvest Health & Recreation.
Those companies are amongst almost 50 U.S. cannabis operators which have listed their shares on the CSE this yr, in line with knowledge from the trade.
The majority of these have come about by means of reverse takeovers (RTOs), a maneuver during which an organization acquires a publicly traded shell firm to acquire an inventory, somewhat than pursue a standard preliminary public providing.