One of the highest-valued US cannabis companies is going public.
MedMen, a cannabis retail company based in Los Angeles that operates a chain of slick, high-end marijuana dispensaries, announced it is going public through a reverse takeover of OutdoorPartner Media Corporation.
OutdoorPartner Media Corporation is an unlisted Canadian public company, meaning MedMen will likely trade over the counter in the US. The company will trade on the Canadian Securities Exchange (CSE) in Canada.
Cormark Securities Inc. and Canaccord Genuity Corp will underwrite the deal.
“This is an important milestone in the evolution of MedMen and the increasingly global cannabis industry. A major U.S. cannabis company is set to be publicly traded on a bona fide stock exchange,” MedMen CEO Adam Bierman said.
“For nearly a decade we have been at the leading edge of the modern cannabis industry, putting ourselves in a dominant position in the most significant cannabis markets in the U.S.; California, Nevada and New York,” he added.
MedMen is opening a flagship store on Manhattan’s ritzy Fifth Avenue on April 20. While the store is geared towards the medical market, Daniel Yi, a senior vice president at MedMen told Business Insider earlier this month the company hopes to turn the store into a more “retail-oriented” experience, if New York legalizes marijuana for adult use.
Another marijuana company, Lift, also announced on Wednesday it has entered a letter of intent with MJ Opportunity Corp, to list on the TSX Venture Exchange. Lift hosts North America’s largest cannabis business expo in Toronto, and the company had revenues of $1,233,088 in 2017 and incurred a net loss of $2,047,095 as the company ramped up hiring for future growth.