The NYSE called IGC out for being a big faker and failing to commercialize their promotions
This week United States cannabis retailer and producer Curaleaf Holdings Inc went public in Canada while another marijuana stock was delisted from the New York Stock Exchange. Following a report questioning the company’s legitimacy, India Globalization Capital was pulled from the NYSE.
Monday marked Curaleaf’s first day of trading in Canada. The company boasts a $4.5 billion valuation based on its impressive fleet of stores in the united states along with its billionaire backers. Additionally, the company recently raised $400 million in private investments led by Canaccord and GMP Securities.
Some analysts in the marijuana industry predict Curaleaf’s U.S. retail market share will be larger then MedMen’s. Based in Wakefield, Massachusetts, the company owns or runs a total of 28 medical marijuana dispensaries along with 12 cultivation sites and nine labs to process plant materials.
Curaleaf has licenses and is operating in 12 states. Based on reach and store count, Curaleaf has the broadest reach of any single marijuana retailer in the nation. The company went public in Canada through a reverse takeover in which a private company merges with a pre-existing public entity.
Meanwhile, the big cannabis-infused beverage promises of IGC were crushed this week when shares of the company were halted before the market opened on Monday.
According to a statement from the NYSE, the decision to delist IGC shares was based on the fact the company was no longer conducting the original business for which it was admitted into trading. The exchange also said IGC was engaged in promotions that failed to develop to a commercial stage.