The cannabis company is the latest to be eyeing a launch on a public exchange
Ascend Wellness Holdings (AWH) Inc., the vertically integrated cannabis company, has long been working hard to begin going public, and it appears it now has all the paperwork in order to make that a reality. AWH reportedly wants to accomplish this through an initial public offering of at least ten million shares of its Class A common stock at an estimated price of $8 per share.
In the middle of this week, the New York-based company said that all interested underwriters have one month to purchase an additional 1.5 million shares of its Class A common stock if they wish to do so, as long as it is at the price already established. If all goes as planned, it is very likely that the company will debut on the Canadian Stock Exchange on May 4. AWH has said that the $80 million raised will be used primarily to fund major transactions, including several investments in the states of Ohio and New York, as well as tax obligations, capital expenditures, and working capital.
Canaccord Genuity Beacon Securities Limited, Cormark Securities Inc., Eight Capital and ATB Capital Markets, Inc. are the current lead managers of the syndicate of underwriters in the offering. This news comes on the heels of AWH’s decision to also put its shoulder to the wheel in the subsidiary of MedMen Enterprises, Inc. with $73 million. With these new tactics and market strategies, AWH now hopes to continue to have a clear path in the cannabis industry, expanding its operations and creating more opportunities for growth.