And the federal government is to blame
MedMen, a Los Angeles-based chain of marijuana dispensaries, can’t trade on Wall Street because cannabis is illegal in its home country.
So it listed in Canada.
MedMen started trading this week on the Canadian Securities Exchange, or CSE.
They’re not alone. US cannabis companies are heading north to list on stock exchanges in Canada, where there’s no federal ban on marijuana sales. Medical marijuana is legal there, and the country is in the process of legalizing recreational marijuana, too.
It’s a two-way street. Some Canadian cannabis companies have come south to list on Wall Street exchanges, because they’re not subject to the same restrictions that keep US pot growers away.
In the US, medical marijuana is legal in 30 states, and recreational is legal in 10. But US cannabis companies can’t list on US stock exchanges or even get basic financial services, because marijuana is prohibited by the federal government.
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