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Sun Nov 18, 2018, 07:57 PM

Marijuana startup backed by John Boehner goes public in Canada


The cannabis startup backed by former Speaker of the House John Boehner is set to become one of the most valuable companies in the US weed industry.

Acreage Holdings is the latest US cannabis firm to tap the public markets in Canada, where marijuana is legal, through a reverse takeover. The company raised $314 million in a private placement that values it at about $2.8 billion. Acreage shares are set to start public trading on Thursday.

Run by former Wall Street banker Kevin Murphy, Acreage has more has more than 40 dispensaries across the United States. In addition to Boehner, a Republican, the company also counts former conservative Canadian Primer Minister Brian Mulroney as an adviser.

Acreage’s public listing comes in the wake of the national legalization of cannabis in Canada. The federal ban in the United States has made it tricky for entrepreneurs to raise domestic capital because most banks and large institutional investors remain on the sidelines. That’s why many are turning to the Canadian stock market.

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