Canadian Medical Marijuana Producer MedReleaf Breaks Records With $100 Million Stock Valuation

Everyone knows that pot is big business, but most probably weren't expecting it to be this big. MedReleaf, one of Canada's largest medical marijuana producers launched its IPO with a staggering $75 million US in funding. This now makes MedReleaf's public offering the largest cannabis stock offering in North America to date.

Canada's medical marijuana patient list has grown three times in the last year, topping 150,000. The increased demand has put quite a strain on MedReleaf who have struggled, like everyone else in the industry, to keep up with the overwhelming demand. With recreational legalization around the corner, the IPO will provide a fresh influx of capital which will help them keep up with the ever-growing numbers of cannabis consumers across Canada.

The price per share came in at $9.50, making MedReleaf the second largest cannabis company by valuation. Coming in at around $859 million Canadian dollars, MedReleaf is now second only to Canopy Growth Corp. This was only the second medical marijuana IPO. CanniMed Therapeutics launched their IPO in December in which they raised over $69 million dollars US.

MedReleaf has been getting out in front of expansion and even held a cannabis job fair recently, in which they were seeking to hire hundreds of new employees. If ever there was an opportunity to get involved in the cannabis industry at the ground floor, this is it. MedReleaf stock is heading to the Toronto Stock Exchange under the ticker LEAF.

https://privatecapitaljournal.com/medreleaf-raise-100m-ipo-tsx/

https://www.bloomberg.com/news/articles/2017-06-01/medreleaf-is-biggest-north-america-pot-ipo-as-legalization-looms

Author - Cory Hughes / Twisted Purple Media.
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