Multistate Bud firm Acreage to go public in Canada via takeover

Multistate marijuana firm Acreage to go public in Canada via reverse takeover

Acreage Holdings, a multistate cannabis firm based in New York, will go public in Canada with a reverse takeover, becoming the most current U.S. marijuana business to get its shares listed north of the boundary via an RTO.

Acreage is looking 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 doesn’t have significant operations. Formerly, it manufactured, marketed and distributed swimming pool intrusion alerts.

Here’s what you need to understand:

  • The proposed transaction is expected to close in November.
  • The new company will be led by Acreage executives: Kevin Murphy is going to be the new CEO; George Allen, president; and Glen Leibowitz, chief financial officer.
  • Several other U.S. cannabis firms have gone the route of reverse takeover, essentially purchasing a nonoperational Canadian firm to accelerate the process to go public in a country where medical marijuana is legal at the federal level and recreational MJ is going to be legalized in October.

Released at Fri, 21 Sep 2018 22:10:02 +0000

Posted in: News

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