Wanting to raise capital in advance of New York launching its recreational marijuana market, Chicago-based cannabis multistate operator PharmaCann is planning an initial stock offering valued at more than $1 billion.
With operations in six states in the eastern half of the U.S., PharmaCann has started the paperwork with securities regulators for an IPO with a plan to list its shares on the Canadian Securities Exchange and the U.S. over-the-counter markets.
“We have no comment on this anonymous report by Reuters,” said Jeremy Unruh, PharmaCann’s senior vice president of public and regulatory affairs.
New York’s recreational adult-use marijuana market has met with complications and delays due to the scandals surrounding recently-resigned Gov. Andrew Cuomo. Industry experts anticipate new governor Kathy Hochul will be more actively supportive of adult-use legalization. But Hochul’s crucial appointment for chair of the Cannabis Control Board, which requires state senate approval, will be delayed until the Senate is back in session. Even then, it remains unclear if cannabis is a top priority for Hochul.
PharmaCann is one of 10 medical marijuana operators in New York. They have operations in Illinois, Maryland, Massachusetts, Ohio, and Pennsylvania.