Canada marijuana grower Bedrocan set to go public Monday: sources
By John Tilak
TORONTO (Reuters) - Canadian medical marijuana producer Bedrocan Cannabis Corp is set to go public on Monday, offering investors an alternative to Tweed Marijuana Inc in the nascent market, according to two sources familiar with the company's plans.
The company has received an approval to list, under the ticker symbol “BED”, on the Toronto Venture Exchange and will do so in a reverse takeover, the sources said.
A spokesman for Bedrocan said the offering was planned for the coming weeks.
The move, which would come about four months after Tweed’s listing, highlights the growing appeal of a market the federal government has projected will grow to C$1.3 billion ($1.19 billion) in the next 10 years.
Unlike the United States, where medical marijuana is illegal on a national scale, Canada is one of the few countries with a federally-regulated program.
As a result, the industry is receiving increasing interest and funding from venture capitalists and other investors in Canada and the United States.
Bedrocan is a licensing partner of long-time Dutch medical marijuana producer Bedrocan BV, which currently supplies the Canadian company's product.
Toronto-based Bedrocan, which received its license from regulator Health Canada in December 2013, is building out a 52,000-square-foot marijuana growing facility in the Greater Toronto area that it expects to complete by the end of the year. It has 1,100 registered patients across the country. Continued...