When it comes to cannabis stocks, the public can’t get enough. After years of challenging access to capital, 2018 has seen a remarkable improvement for U.S. cannabis operators. In the summer, two leading companies went public, MedMen and Green Thumb Industries. Both stocks have performed well, and each of the companies has subsequently priced secondary offerings, raising additional capital to fund acquisitions and capital expenditures. Aurora Cannabis spin-out Australis Capital soared in its trading initially and still trades at a substantial premium to the level at which it issued a private placement just before its debut in mid-September.
The demand for stocks remains quite strong, with Florida-based Trulieve soaring after listing on the Canadian Securities Exchange in late September. The company, in the process of going public, revealed for the first time its revenue, which leap-frogged it past Canopy Growth to take the top slot of all publicly-traded cannabis spots on our New Cannabis Ventures Public Cannabis Company Revenue Tracker, with sales in the second quarter in excess of $23 million. Charlotte’s Web, which also has substantial revenue from its CBD sales, went public on the CSE during the summer and has performed quite well subsequently. In addition to large