Acreage Holdings is joining the ranks of U.S. marijuana stocks trading in Canada Thursday, after completing a deal to go public that values the company at $2.8 billion and installs former House Speaker John Boehner and former Massachusetts Gov. Bill Weld on the board.
The company will trade on the Canadian Securities Exchange via a reverse takeover. Acreage Holdings raised $314 million from around 30 to 35 institutional investors as part of that deal. The company trades under the ticker "ACRG.U."
Acreage, in going public, joins other marijuana stocks that debuted with a billion-dollar-plus price tag. Curaleaf, another U.S. cannabis company, went public with a valuation that surpassed $4 billion. U.S.-based MedMen, best known for its sleek dispensaries and chic marketing aesthetics, went public in May with a $1.6 billion valuation.
Acreage's first day on the CSE also follows the resignation of Attorney General Jeff Sessions, who has long feared what he sees as marijuana's potential harm to communities. It also comes after U.S. midterm elections in which three states voted to legalize medical or recreational cannabis and the Democrats took control of the House.
Boehner's Cannabis Origin Story
Boehner's appointment to Acreage's board makes him the most high-profile name from U.S. politics to go as far as joining a pot company's board. Boehner was once strongly against cannabis legalization, arguing it would lead to other drug abuse.
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John Boehner-Backed Pot Stock Goes Public With $2.8 Billion Value
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