Acreage Holdings announced Monday it has raised $119 million in what it says is the “largest private funding raise in U.S. cannabis history.”
New York-based Acreage is a cannabis grower and processor but it’s also in the dispensing business with licenses in 13 states, including Florida, New York and California. The money is meant to be used for more acquisitions, and to list the company’s shares on the Canadian Securities Exchange.
“This gives us an exceptionally strong investment proposition to bring into the public markets in our upcoming listing,” CEO Kevin Murphy said in a press release.
He said the Canadian institutional investment community has so far been positive on cannabis stocks, and that U.S. investors in cannabis stocks have gotten comfortable with the CSE.
“We expect to see a tremendous response to our offering this fall,” Murphy said.
The CEO of cannabis company Acreage Holdings discusses the company’s plans for an IPO in Canada, and how the ongoing push for marijuana legalization is impacting the business. pic.twitter.com/2jc8OqPl9B
— CNBC (@CNBC) July 23, 2018
Company officials said Monday that Acreage is interested in expanding its American footprint, mulling possible expansion to Arizona, Nevada and Michigan.
Acreage gained attention earlier this year when it announced that former U.S. House Speaker John Boehner and former Massachusetts Gov. William Weld were joining its board of advisors.