Nevada-based marijuana grower plants seed for others with Canadian stock listing
A Nevada-licensed marijuana producer is breaking ground with a Canadian stock listing that allows it to raise funds to grow and sell pot in the legally murky U.S. market, likely opening the door for an influx of others.
Friday Night Inc. made its public trading debut Friday on the Canadian Securities Exchange (CSE) and saw its shares spike 467 per cent to close its first day with a market value of $44.2 million, suggesting there is significant investor interest in companies with U.S. state licences to cultivate cannabis.
U.S. marijuana companies are forbidden to list on public stock exchanges in their home country because the drug is considered a Schedule I narcotic at the federal level.
The Obama administration made it clear it would not step in to prosecute operators in states where the drug is legal, but signals from the Trump administration have been harder to read.
That murkiness...
