MSO Ascend Wellness Holdings soared 22% in its debut on the Canadian Securities Exchange, reaching a market cap of $1.6B. The pop comes after a slow April for pot stocks.   
Reuters, New Cannabis Ventures

  • The company posted $144M in revenue last year.
  • Reuters reports that before deciding to go public Ascend had preliminary talks about an acquisition by Florida-based MSO Trulieve. CEO Abner Kurtin said the company remains open to being acquired if there’s a “strategic fit.” 
  • The company, which acquired MedMen‘s New York assets in February, has a taste for distressed assets, Kurtin told Business Insider. (Paywall)
  • It went public through a traditional IPO rather than a reverse takeover, in part because it aspires to uplist to the New York Stock Exchange or NASDAQ once that’s legally possible. 
  • The company just opened the first REC shop in downtown Boston.

Quick Hit

  1. Hopes that Rhode Island and Minnesota would legalize REC this year have faded, but Texas may still loosen its MED law.