Cannex Capital Group Inc., owner of the biggest marijuana business in the U.S., will be seeking to exploit investor requirement in Canada by list its shares in Toronto.
The Vancouver-based firm that owns the resources of Northwest Cannabis Solutions at Washington state is poised to begin trading Wednesday in the Canadian Securities Exchange, stated Chief Executive Officer Anthony Dutton.
Cannex is seeking to enlarge its footprint in countries like California and Arizona, becoming the most recent company with U.S. surgeries to record in Canada.
“It’s virtually impossible,” to increase money in the U.S., in which marijuana remains illegal at the national level, said Leo Gontmakher, Cannex’s chief operating officer. “There’s not that many big money private investors in the states who are willing to take that risk.”
Cannex produced 8,500 kilograms of marijuana in 2017 that moved to goods like edibles, infused capsules, and vape cartridges, Gontmakher explained.
The organization has the top tracking earnings of almost any publicly traded U.S. cannabis business and simply increased $48 million, the biggest public funding to date from the U.S. sector, stated Vahan Ajamian, an analyst in Beacon Securities.
Beacon directed Cannex’s reverse takeover from Arco Resources Corp. to acquire a listing on the Canadian bourse under the emblem CNNX.
Other publicly traded Canadian companies with U.S. surgeries incorporate Ottawa-based CannaRoyalty Corp. and Liberty Health Sciences Inc. of Toronto.