PharmaCann, one of the 10 original cannabis licensees in New York, has confidentially filed for an initial public offering that could value it at well over $1 billion, sources familiar with the matter told Reuters.
The planned IPO would help PharmaCann raise funds before New York state begins recreational weed sales, expected sometime next year. The IPO could take place this fall, one of the sources said.
New York in March became the 16th U.S. state to legalize the sale of recreational marijuana, kickstarting a race from companies to secure a position in a market expected to be among the world's biggest.took a 10.5% stake in PharmaCann for $110.4 million in June. That deal valued PharmaCann at $1.1 billion, and the IPO would likely be a higher valuation, the sources said.
Despite growing state-level legalization of marijuana, it remains federally illegal and companies like PharmaCann, which grow or sell the plant, are prohibited from listing on the Nasdaq and the New York Stock Exchange.
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