On Monday,
Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) announced it s purchasing
Harvest Health & Recreation Inc. (CSE:HARV) (OTCQX:HRVSF) for roughly $2.1 billion in stock. Harvest shareholders will own roughly 26.7% of Trulieve s issued and outstanding pro forma shares on a fully diluted basis.
Commenting on the deal, Debra Borchardt, CEO of Green Market Report, told Benzinga, “The acquisition is likely to come with its fair share of headaches. Harvest Health has a mountain of debt and lots of lawsuits over various deals. Still Trulieve is certainly on a quest to become a nationwide company and this will certainly help pave the way.”
A Complete List Of NYSE And NASDAQ-Listed Cannabis Companies
As the cannabis industry keeps pushing forward, more companies are moving to list their stock on a major U.S. exchange like the NYSE or NASDAQ. The club, however, remains relatively small.
Given the federal uncertainty that still surrounds cannabis in America and in most of the world, few cannabis companies choose the path of a public listing in order to raise funds and even fewer among them are pure-play marijuana stocks.
Listing Vs. Other Funding Sources
Listing a stock allows enables fundraising from a larger pool of investors. At the same time, a publicly-traded stock can be volatile, and even more so in an emerging sector like cannabis.
10 Best Weed Stocks to Buy Now
While the coronavirus pandemic has wreaked havoc on many industries around the world, the weed industry proved to be antifragile and grew in the period amid rising sales, legalization, medical and recreational benefits. Legal cannabis made history in 2020, with states like New Jersey, Montana, and South Dakota voting to legalize recreational cannabis, as well as states like Arizona and Mississippi approving it.
Cannabis production is already one of the fastest-growing industries globally, but the year 2020 has taken it to the next tier. According to
BDSA, a leading cannabis industry research firm, global cannabis revenues hit approximately $21.3 billion in 2020, up 48% from $14.4 billion in 2019. The growing acceptance of marijuana in society and the legalization of cannabis both for medical and recreational use are the major growth catalysts driving the cannabis industry. Global cannabis revenues are expected to increase by more than 17%, from
On Monday,
Tilray, Inc. (NASDAQ:TLRY) and
Aphria, Inc. (NASDAQ:APHA) closed their merger after months of negotiations, creating a company with a combined market cap of $3.3 billion. Benzinga spoke with
Irwin Simon, CEO of the new combined company.
Check out the video below:
Following the merger, Jefferies upgraded the rating for Tilray from Underperform to Buy, while raising the price target from $4.77 to $23.
Jazz Pharmaceuticals (NASDAQ:JAZZ) finalized its acquisition of
GW Pharmaceuticals plc. (NASDAQ:GWPH), the producer of the FDA‑approved prescription cannabidiol drug Epidiolex, for $7.2 billion or $6.7 billion net of GW Pharma s cash.
Meanwhile,
Ascend Wellness Holdings (CSE:AAWH) started trading on the Canadian Securities exchange following a raise of approximately $80 million through an initial public offering of roughly 10 million shares of its Class A common stock at $8 per share.
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