As excitement grows surrounding Canada’s eminent nationwide legalization of recreational marijuana, still more focus is falling on the Canadian Securities Exchange.
Now a U.S. grow will make an appearance on the scene.
Vancouver, British Colombia-based company Friday Night Inc., which owns a medical marijuana cultivator and CBD company in Las Vegas, announced trading on the Canadian stock exchange under ticker C.TGIF on June 16; it opened at 28 cents per share.
Friday’s trading hit 40 cents per share before closing at 32.5. Monday saw fluctuations between 32 and 35 cents, and today TGIF is trading at 30 cents.
The Friday Night Inc. (formerly trading under the name QuikFlo Health Inc.) move into the Canadian market may signal a lifeline for other U.S. plant-handling companies wishing to go public.
The announcement immediately followed the company’s acquisition of 91 percent of two Las Vegas-based companies – Alternate Medicine Association LC (AMA), a licensed medical marijuana producer in Nevada, and Infused Mfg., LLC, which produces hemp-based and CBD-infused products.
“The Company issued a total of 32,750,00 (post-consolidation) common shares and paid US $3.4 million in cash, while assuming approximately US $1.59 million in debt in respect to these acquisitions,” a company statement said.
In a move which Bloomberg.com calls “The Cannabis Two-Step,” other U.S. companies are raising cash in Canada and spending it in the U.S., since their home stock exchanges won’t accept listings for businesses that Capitol Hill has deemed illegal.
Other companies acquiring U.S. Cannabis companies and trading on Canadian markets include Toronto-based Golden Leaf Holdings, which trades under GLH, and owns Portland MMJ dispensary Left Coast Connection, and IAnthus Capital Holdings Inc., which owns dispensaries in Colorado, Vermont, Massachusetts, and New Mexico.