A Canadian cannabis-growing company, Bedrocan Cannabis Corp, is set to go public on Monday, according to two sources close to the business. Bedrocan will serve as Canada’s first alternative to Tweed Marijuana Inc, which began offering its public shares in February this year. Bedrocan will be listing under “BED” on the Toronto Venture Exchange.
According to Chief Executive Marc Wayne, Bedrocan was most recently valued at around $57 million. “We will be ready to start cultivating by the end of the year, and we will have the product ready for sale by early second quarter of next year,” he said on Wednesday.
This development in the Canadian medical marijuana market is evidence of that market’s steady maturation. The Canadian government estimates that Canada’s MMJ market is currently valued at $1.3 billion ($1.19 billion USD), to be realized over the next 10 years. Drawn by the sheer monetary force of the industry, venture capitalists and other investors from both Canada and the United States have been eyeing the industry for months.
Two other licensed producers in Canada — OrganiGram Inc. and Mettrum Inc. — are expected to go public in the coming weeks.
Photo Credit: Dank Depot