Leading cannabis operator Ascend Wellness Holdings LLC has filed for an initial public offering in the United States and Canadian Securities Exchange. Investor demand for marijuana and mushroom products in the U.S has been increasing with each passing day.
According to Canadian Securities Exchange filing Ascend Wellness the IPO will be valued at $125 million. The company will list its Class A common stock in the United States over-the-counter trading and Canadian Securities Exchange.
Just like other U.S based companies which engages in production and selling of marijuana, Ascend can’t be listed in the mainstream stocks markets like NYSE or Nasdaq since marijuana still remains illegal at the federal level.
Currently Ascend Wellness runs its operations across five states in the U.S. Regulatory filing documents show that the company posted revenue of around $144 million in 2020.
Ascend Wellness was established in 2018, currently it has 13 open and operating retail locations but its aiming to increase the number to 20 locations before the year wraps up.