MedMen was an early U.S. lister on the CSE, going public on that exchange nearly a year ago. It has struggled in recent months with a number of senior executives resigning. MedMen operates in California, Arizona, Illinois, Nevada and New York.

ManifestSeven, which bills itself as a cannabis logistics company building a network of distribution hubs in California, plans to delay the timing of its listing on the CSE until September as it pursues acquisitions.

Vertical Cos. is also giving serious thought to listing on the Nasdaq a portion of its holdings that trade in the non-psychoactive part of the marijuana plant.

Smoke Wallin, chief executive officer of Vertical Cos., raised $62 million in a private funding round in April that valued his company at slightly more than $287 million. Wallin said the move was considered a first step toward listing its hemp line, which it officially spun off May 1 as Vertical Wellness, on the Nasdaq. He said the company was targeting a date in September and hoped the spinoff would be valued between $500 million to $1 billion by then.

“That would be a significant valuation,” he said.

He said Vertical Wellness is looking to raise $50 million in the next 30 to 60 days as part of a pre-initial public offering round.

Vertical Wellness can list on the Nasdaq due to a recent development in U.S. federal law that allows some cannabis products to be sold legally if they include only low levels of the psychoactive molecules found in the plant.

If all goes according to plan, Wallin said the main cannabis business, Vertical Cos., would likely be listed publicly on the CSE this fall as well.

The push into publicly listing on the Canadian exchanges is already underway, but how long it lasts is uncertain. The biggest factor is whether federal officials ultimately decriminalize or fully legalize cannabis, which would allow marijuana stocks to trade on U.S. exchanges.

If that happens, it could draw a number of publicly traded U.S. pot companies away from the Canadian markets.

“Upon federal repeal, we’ll file for listing down here,” Wallin said.

Next

For reprint and licensing requests for this article, CLICK HERE.