Multistate operator Ascend Wellness Holdings plans to raise $80 million through an initial public offering aimed at bankrolling marijuana investments in Ohio and New York as well as future acquisitions.
The New York-based marijuana company said in a news release it plans to issue 10 million shares of its Class A common stock priced at $8 each.
An additional 1.5 million shares will be available to underwriters if there’s an over-allotment.
The offering is expected to close May 4.
Ascend, which is vertically integrated with an industry footprint in five states, plans to list on the Canadian Securities Exchange under the ticker symbol AAWH as well as the U.S. over-the-counter markets.
The offering is being conducted through a syndicate of underwriters led by Canaccord Genuity and includes Beacon Securities, Eight Capital, ATB Capital Markets and Cormark Securities.
In addition to Ohio, Ascend currently has assets and partners in Illinois, Massachusetts, Michigan and New Jersey.