MedMen, which opened Nevada’s biggest pot plant, goes public in Canada
RENO, Nev. — MedMen, the Los Angeles-based company that opened a marijuana factory in Northern Nevada in April, recently went public in Canada on the Canadian Securities Exchange (CSE).
Since marijuana remains federally illegal, the major U.S. stock exchanges will not list cannabis companies that operate in America. The CSE is the only exchange that will list such companies.
Daniel Yi, VP of corporate communications at MedMen, said in an interview with the NNBV that listing on the CSE is a move that demonstrates how quickly cannabis is entering the mainstream.
“It’s an ongoing trend,” Yi said. “This is a rapidly growing industry, probably the fastest-growing industry in the world. Growing industries need capital, right? U.S. companies are definitely seeking exposure in the Canadian exchange to tap into that channel of investment capital. This is going to allow us to grow the business that much faster.”
MedMen is currently worth between $1 billion and $1.5 billion, Yi said. MedMen, which has multiple assets and operations in Nevada, California and New York, is just the second U.S.-based cannabis company to list on the CSE.
Yi, however, expects many more to follow.
“There are a number of companies that will probably follow in our footsteps and go to the exchange,” said Yi, adding: “I think in the future, at some point, we’ll see marijuana companies listed on the Nasdaq or New York Stock Exchange. I think it’s very much on the horizon.”
Construction of the project is estimated at $47 million and is scheduled to be complete in the first quarter of 2020, according to a news release.