Canada’s Cannabis Exchange Gets Some Competition

The NEO Exchange has also attracted some small cannabis companies

Another billion-dollar U.S. cannabis company is going public in Canada, but this one will trade on a little-known bourse that’s beginning to compete with the cannabis-dominated Canadian Securities Exchange.

Columbia Care Inc., which has operations in 14 U.S. states and territories plus Malta, will begin trading Monday on Toronto’s NEO Exchange under the symbol CCHW. The company will list via an acquisition by Canaccord Genuity Growth Corp., a special purpose acquisition company, or SPAC, with a valuation of about $1.4 billion.

The NEO Exchange, which to date has largely been a listing hub for exchange-traded funds and SPACs, has also attracted some small cannabis companies including Halo Labs Inc. and Maple Leaf Green World Inc. Columbia Care will eclipse these in size, joining major U.S.-focused, CSE-listed pot companies like Curaleaf Holdings Inc., Harvest Health & Recreation Inc. and Cresco Labs Inc. in the billion-dollar-plus club.

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