Denver-based Dixie Brands started trading Thursday on the Canadian Securities Exchange, becoming a member of a quickly rising record of U.S.-based marijuana companies which have appeared north of the border to boost capital to develop and compete.
Shares of Dixie – trading underneath the ticker image DIXI.U – opened at 1.05 Canadian dollars (79 cents).
The transfer follows the edibles maker’s reverse takeover (RTO) of a Canadian public firm, Academy Explorations – a shell firm listed on the CSE.
The transfer additionally follows a $25 million funding spherical that closed in October, forward of Dixie’s plans to go public.
Dixie has operations in California, Colorado, Maryland and Nevada in addition to worldwide distribution companions in Australia and Canada. The firm has stated it’s eyeing enlargement into six extra U.S. states in 2019.
Among the rising variety of U.S. cannabis companies which have lately tapped Canadian public markets are New York-based Acreage Holdings, Colorado’s MJardin and Arizona-based Harvest Health & Recreation, which joined almost 50 U.S. cannabis operators which have listed their shares on the CSE this yr, based on knowledge from the change.
The majority of these have come about via reverse takeovers – a maneuver by which an organization acquires a publicly traded shell firm to acquire an inventory, slightly than pursue a standard preliminary public providing.