The U.S. cannabis holding company Acreage Holdings has completed a reverse-takeover and begun trading on the Canadian Securities Exchange (CSE), according to Bloomberg.
Acreage Holdings joins many other U.S. cannabis companies trading in Canada. Though some companies have been able to list on the NYSE, complicated money-laundering laws and U.S. cannabis prohibition have pushed the majority of large cannabis companies operating in states with legal cannabis to Canada for fundraising and public trading.
Acreage Holdings raised $314 million privately to complete the reverse takeover of Applied Inventions Management Corp. The company currently has a valuation of $2.8 billion. This valuation is based on uncertain fundamentals, however, as the company opted not to release internal financials during the reverse-takeover.
Acreage has maintained a high profile by appointing well-known conservative politicians to advisory positions. Former Republican Speaker of the House John Boehner endorsed the company and accepted an adviser position last spring; Boehner started selling cannabis stock tips last month.
The company’s Board of Directors also includes conservative former Canadian prime minister Brian Mulroney, who accepted the position last month.
Acreage Holdings trades under the stock ticker ACRG.U on the CSE.