A growing number of European cannabis startups are considering initial public offerings in the United States, where they expect higher valuations in New York than on a London-based exchange.
But that’s only if the Biden administration’s ongoing efforts to reschedule marijuana are successful, according to the Financial Times and Euro News.
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U.S. law currently prohibits American plant-touching companies from listing on major American stock exchanges.
However, operators in Canada – where marijuana is legal at the federal level – such as Canopy Growth Corp. (CGC) and SNDL are permitted to list on the Nasdaq.
English, Portuguese companies interested
England-based medical cannabis operator Grow Group has raised 12 million pounds (roughly $15.6 million) since its 2017 inception, but the company declined to go public
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