Acreage Holdings, a multistate cannabis company based in New York, is planning to go public in Canada via a reverse takeover, becoming the latest U.S. marijuana business to get its shares listed north of the border through an RTO.
Acreage is seeking to trade on the Canadian Securities Exchange after taking over Toronto-based Applied Inventions Management, according to a news release.
According to Bloomberg, Applied Inventions Management does not have significant operations. Previously, it manufactured, marketed and distributed swimming pool intrusion alarms.
Here’s what you need to know:
- The proposed transaction is expected to close in November.
- The new company will be led by Acreage executives: Kevin Murphy will be the new CEO; George Allen, president; and Glen Leibowitz, chief financial officer.
- Several other U.S. cannabis companies have gone the route of reverse takeover, essentially buying a nonoperational Canadian company to speed up the process to go public in a country where medical marijuana is legal at the federal level and recreational MJ will be legalized in October.