PharmaCann Corp. announced plans to file its initial public offering with the U.S. Securities and Exchange Commission (SEC) on Wednesday, April 11. The company said it would sell up to $75 million worth of common stock, which it will list under the symbol PHAP, and the company’s existing shareholders would get a total of up to $75 million worth of shares. The sale of the stock, which would be the Canadian marijuana company’s first public offering, would mark the first U.S. cannabis IPO from a Canadian company.

PharmaCann Inc. (OTCMKTS:KWEB) (CSE:KWEB) is a U.S. based publicly-traded company that focuses on the research, development and commercialization of cannabinoid therapies. PharmaCann has its corporate headquarters and principal operating facilities in Las Vegas, Nevada. The company recently announced that it has filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its common stock on the American Stock Exchange (AMEX) under the symbol KWEB.

U.S. cannabis firm PharmaCann plans IPO as New York weed legalization lifts demand. Read more about is weed decriminalized and let us know what you think.

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PharmaCann, one of New York’s ten original cannabis licensees, has filed for an initial public offering (IPO) that could value it at well over $1 billion, according to people familiar with the issue.

The proposed IPO would help PharmaCann generate money before recreational marijuana sales begin in New York state next year, which is scheduled to happen sometime next year. According to one of the sources, the IPO might happen this autumn.

According to one of the individuals, PharmaCann, which operates in five additional US states, is expected to attempt to dual-list its shares on the Canadian Securities Exchange and for over-the-counter trading in the US.

PharmaCann has enlisted the help of Canaccord Genuity (CF.TO), a Canadian investment bank. According to the sources, Canaccord is anticipated to be the main underwriter, with other banks likely to be recruited. Canaccord did not respond to a request for comment right away.

A spokesman for PharmaCann refused to comment.

Because the material isn’t public, sources refused to be named.

New York became the 16th U.S. state to legalize recreational marijuana sales in March, igniting a rush among businesses to grab a piece of what is anticipated to be one of the world’s largest markets.

Cronos Group Inc (CRON.TO), a Canadian competitor, bought a 10.5 percent interest in PharmaCann for $110.4 million in June. PharmaCann was valued at $1.1 billion in that transaction, and the IPO would most likely be worth more, according to the sources.

PharmaCann, which has four medical cannabis retail shops and a growing facility in New York, filed papers for its initial public offering (IPO) with US and Canadian authorities in the last 30 to 45 days, according to two individuals.

AWH Holdings Inc (AAWH.PK), a PharmaCann competitor, went public in May and has since risen 38 percent in value, valuing the company at $1.9 billion.

Despite increasing state-level legalization, marijuana remains illegal on the federal level, and businesses like PharmaCann are barred from listing on the Nasdaq or the New York Stock Exchange.

Marijuana is currently legal for recreational use in 18 states, with 36 states allowing medicinal usage. According to experts at JMP Securities, legal cannabis sales in the United States may reach $45 billion by 2025.

According to the sources, PharmaCann has received numerous acquisition proposals in the past few months, including from blank-check companies. Despite the secret filing, PharmaCann may yet choose to cancel the IPO and remain private, or pursue an alternative path to go public, according to the sources.

In 2018, PharmaCann agreed to be acquired for $700 million by New York competitor MedMen Enterprises Inc (MMEN.CD), but the transaction fell through the following year.

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