Another Canadian MMJ cultivator plans to go public

Canadian medical cannabis producer Emblem is set to go public next month on the TSX Venture Exchange, the electronic exchange owned by the parent of the Toronto Stock Exchange.

The Ontario company is the latest federally licensed medical marijuana cultivator to list its shares on an exchange, thanks to Canada’s legalized MMJ industry.

Emblem President John Stewart told the IPO will come out next month and trade under the symbol EMC. Stewart said the company hasn’t yet priced the offering but that it’s likely to fall between 1 and 1.25 Canadian dollars per share (76 cents to 95 cents).

He noted that until now the company has relied on private fundraisings.

Recently, investors have been betting aggressively on Canadian marijuana stocks, sending their share prices higher. The Canadian federal government is expected to introduce legislation next spring to legalize recreational marijuana, opening up new opportunities for cannabis businesses.

Over the summer, Canadian medical marijuana company Canopy Growth made history when it began trading on the Toronto Stock Exchange, the first marijuana cultivator to list on a major North American exchange.