As more and more states legalize marijuana, American companies are racing to establish multi-state cannabis empires. It is still illegal under federal law, so exchanges like the New York Stock Exchange and Nasdaq aren’t an option for these outfits. Seven of the multi-state chains have raised war chests and listed their stocks on the Canadian Securities Exchange. Their shares also trade in the U.S. on the OTC Market.
Most of these American marijuana merchants aren’t yet profitable, as they pour cash into growing operations, storefronts, and their house brands. But if you want to build a bracket for this Reefer March Madness, check out the contenders below, in order of stock market capitalization.
You can read more in this week’s cover story on the American marijuana industry.
Curaleaf Holdings (CURA.Canada and CURLF.OTC) was launched by two fellows who got rich in Russia’s transition to capitalism—Boris Jordan and Andrei Blokh. It has deep pockets to make acquisitions and extend its dispensary network beyond the 13 states where it is licensed to open up to 61 shops. So far, 42 are up and running. It lost $41 million on sales of $55 million in the nine months ended September 2018. [Read more at Barron’s]