Massachusetts-based Curaleaf made its trading debut on the Canadian Securities Exchange on Monday after a $400 million private placement.
Curaleaf, which changed its name in August from PalliaTech, is listed on the CSE under the ticker CURA.
Shares were trading at 9.50 Canadian dollars ($7.24) early Monday, compared with the offer price of CA$11.47 per share.
The offering was boosted by “an amazing reception” from investors, CEO Joseph Lusardi said.
The raise included investments from more than 100 institutional investors, including “some of the largest money managers in the world,” Lusardi told Marijuana Business Daily. He declined to identify specific investors.
“We already have the largest number of stores under one brand in the country, and we’re going to keep building on that strategy as we enter new markets and grow in the markets we’re already in.”
The company has nearly 30 dispensaries, 12 cultivation facilities and nine processing plants across 12 states, including Florida, New York and Oregon. It also has pending licenses in California and Pennsylvania.
The firm is on target to have more than 40 stores open by the end of the year, Lusardi said.
“Many of these markets are still very nascent,” he added, “but we think all of these markets will be major growth markets.”
The company’s listing follows the completion of a reverse takeover (RTO) of Lead Ventures.
RTOs, which allow companies to go public by taking over a shell company with an exchange listing, has become the go-to path for many U.S. cannabis firms looking to tap into Canada’s public markets.
A slew of other companies also have announced RTO plans, including:
- Denver-based MJardin and LivWell Enlightened Health
- Harborside of Oakland, California
- 4Front Holdings of Phoenix
- Chicago-based Cresco Labs
Lisa Bernard-Kuhn can be reached at email@example.com