Cannabis producer Ascend Wellness jumps 22% in Canadian market debut

By Reuters7 days ago

By Shariq Khan

May 4 (Reuters) - Ascend Wellness Holdings (AWH) Inc AAWHu.CD surged about 22% in its Canadian stock market debut on Tuesday to fetch a market value of $1.6 billion, the latest pot producer to cash in on strong investor demand for U.S. marijuana companies.

AD

Shares of AWH, which harvests cannabis, makes finished products and operates retail stores, closed at $9.75 on their first day of trading, compared with the initial public offering price (IPO) of $8.

Several U.S. pot firms have gone public in recent months as expectations rise that Democratic lawmakers will soon pass legislation granting the industry access to federal banking, a move that will allow more institutional investors to participate in the sector.

I see private equity being the big player in this industry over the next few years, AWH founder and Chief Executive Abner Kurtin said in an interview.

Continue read on nasdaq.com