Marijuana Index rebalances; MJIC looks to go public in 2019
Earlier this week, the North American Marijuana Index conducted its quarterly rebalancing, adding a total of 12 new companies to the Index, with 10 going to the United States Marijuana Index and two attached to the Canadian Index. According to a statement released by MJIC, the privately held company behind the Index, it now includes a total of 46 constituents, with 26 in the U.S. and 20 in Canada.
Additionally, MJIC has increased the minimum trading requirements for companies to join the Index since the previous quarter, announcing in a statement that cannabis companies need to have reached a minimum weighted average market capitalization of $100 million as well as a daily trading volume of $2 million. Exemptions have been made for businesses with more than $10 million in revenue over the past year.
Companies added to the U.S. Marijuana Index include 1933 Industries Inc., Acreage Holdings. Inc., Cresco Labs, Inc., Curaleaf Holdings, Inc., Harvest Health & Recreation Inc., MJardin Group, Inc., Planet 13 Holdings Inc., TILT Holdings Inc., Trulieve Cannabis Corp., and Green Growth Brands.
Canopy Rivers Inc. and TerrAscend Corp. were added to the Canadian Index.
MJIC Enters Into Financial Advisory Agreement With Haywood Securities Inc.A significant step forward for MJIC as we move towards an anticipated public listing. Read more: https://t.co/BDXnWxMHaH pic.twitter.com/UDX9UPzIwX
— MJIC (@OfficialMJIC) January 9, 2019
MJIC to go public in 2019
In related news, MJIC Inc. announced on Tuesday that the company entered into an engagement agreement with Haywood Securities Inc., making them MJIC’s financial advisor as the company looks to go public in early 2019. A Canadian investment bank, Haywood will help MJIC identify acquisition opportunities, as well as help the company raise capital throughout the year.
“We are excited to embark upon this important phase in MJIC’s growth trajectory with such a strong partner,” said Sturges Karban, Board Member and CEO of MJIC in a statement. “As MJIC continues to build out a fully-compliant cannabis infrastructure across California, Haywood will be an instrumental partner in accessing the public capital markets and procuring the strategic resources that we will need to replicate our disruptive distribution and retail model throughout the rest of North America.”