Acreage Holdings boasts high-profile politicians on its board of directors
The cannabis company backed by former Speaker of the House John Boehner went public this week. The United States-based Acreage Holdings began trading in Canada on Thursday with a company value of $2.8 billion.
Acreage Holdings is a marijuana stock with political swagger. Along with Boehner, former Massachusetts Gov. Bill Weld is a part of the company as a member of the board. Acreage joined the Canadian Securities Exchange through what is called a reverse takeover.
Acreage went from a private company to a public one by absorbing a publicly-traded company and emerging as an entirely public entity. The deal also placed Boehner and Weld on the board of directors.
Boehner, once an opponent of marijuana legalization in the United States, said in April that his thinking on marijuana had “evolved.” He now advocates for federal de-scheduling of the drug and says research is necessary to help our veterans and curb the nation’s opioid epidemic.
Acreage raised $3.14 million from a group of up to 35 institutional investors to complete the necessary business transaction for its public launch. It is now listed on the CSE as ACRG.U and opened at CAD$18.50. It ended its first day on the exchange up slightly at CAD$20.03.
Several other cannabis companies operating in the U.S. have made similar moves as Acreage. Curaleaf went public in Canada with a value nearly twice as high as Acreage. MedMen, the largest cannabis retailer in The United States, joined the Canadian exchange in May with a valuation of $1.6 billion.