MedMen, a U.S.-based medical cannabis company, is set to begin trading on the Canadian Securities Exchange today after acquiring Ladera Ventures Corp., an oil and gas shell company, the Financial Post reports. The company completed a $143 million raise before heading to the exchange and has an implied value of $2 billion, according to the report.
“The Canadian Securities Exchange … gives us the fastest access to liquid capital that we can get at this point. We’re already in three states and we have a lot of projects that are in the pipeline. Our ability to raise capital fast is what will also allow us to grow and build faster,” — Daniel Yi, MedMen senior vice-president of corporate communications, to the Post
In March, MedMen announced a joint venture with Canadian medical cannabis producer Cronos Group Inc. That venture, called MedMen Canada Inc. intends to bring MedMen-branded dispensaries to provinces where private retailers will be permitted under recreational cannabis regulations, such as Alberta and British Columbia. Currently, the company boasts 12 medical cannabis dispensaries throughout the U.S. in New York, Nevada, and California.
The financing round was led by Cormark Securities Inc. and Canaccord Genuity Corp. It saw MedMen shares sell for $5.25.
Get daily news insights in your inbox. Subscribe