There was a time when former Republican Speaker of the House John Boehner was against marijuana, but today he’s backing a cannabis startup that is expected to become one of the most valuable in the cannabis arena.
Called Acreage Holdings, the company is the latest U.S. cannabis firm to enter the public markets in Canada through a reverse takeover. The company raised US$314 million in a private placement that values it at about US$2.8 billion.
The firm is run by former Wall Street banker Kevin Murphy, Acreage has more has over 40 dispensaries across the U.S. Canadian Primer Minister Brian Mulroney is an adviser to the company.
“We’ll be lock step in competition with the Canadians,” Murphy said. “The one huge advantage we have is local knowledge of the business here in the U.S.”
Shares started trading on Thursday under the ticker ACRG.U