Another Canadian medical cannabis producer goes public

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Adding to a growing trend among licensed Canadian medical marijuana producers, Hydropothecary Corp. went public Tuesday.

The Quebec-based company started trading on the TSX Venture Exchange after completing a reverse takeover with BFK Capital Corp. last week, the Financial Post reported.

Hydropothecary shares opened at 1.82 Canadian dollars ($1.36) and closed at CA$1.55 ($1.16) on Tuesday, according to the Post.

An analyst quoted by the Post estimated Hydropothecary will have an initial market capitalization of CA$53 million ($39.6 million) and an opening enterprise value of CA$36 million ($26.9 million).

Hydropothecary said its revenue was CA$1.1 million ($824,340) in the last quarter, the Post reported.

The company also raised money in December to fund expansion, has introduced several new lower-priced product lines and believes it’s well-poised to take advantage of Canada’s expected recreational marijuana legalization later this year.

The TSX Venture Exchange is owned by the parent of the Toronto Stock Exchange.