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Big US Marijuana Company Starts Trading its Shares in Canada

Big US Marijuana Company Starts Trading its Shares in Canada

Dina Al-Shibeeb
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Cannex Capital Group Inc., the owner of one of the largest marijuana companies in the US,  joined the green rush when it started trading its common shares in the Canadian Securities Exchange Wednesday it’s (CSE).

Cannex is a Vancouver-based company and owner of Northwest Cannabis Solution, one of the largest recreational marijuana producers and processors in Washington state.  It started trading under the symbol (CNNX) after completing a $48.2 million subscription receipt offering.  

“It’s virtually impossible,” to raise money in the US, said Leo Gontmakher, Cannex’s chief operating officer.

On a federal level, the US Attorney General Jeff Sessions unleashed a crackdown on states where marijuana is legal. However, marijuana continues to be prohibited by the US federal government.

He added:

“There’s not that many big money private investors in the states who are willing to take that risk.”

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The company produced 8,500 kilograms of marijuana in 2017 that went into products such as edibles, infused capsules, and vape cartridges, Gontmakher said.

Beyond Washington state, Cannex is also eying to expand its operations in California and Arizona.

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