Illinois-based cannabis multistate operator Cresco laboratories filed an initial prospectus to boost as much as $1 billion in securities within the next 25 months.
Cresco Filed its preliminary short-form prospectus with the U.S. Securities and Exchange Commission on Feb. 26.
Canada-based Canopy Growth recently made a similar filing in an effort to raise up to $2 billion (2.5 billion Canadian dollars), believed to be the industry’s shelf registration that is largest to date.
The registrations don’t mean the companies necessarily will raise the money, but they do enable the marijuana operators to quickly offer securities according to market conditions, opportunities and funding needs.
In January, Cresco raised $125 million in a securities providing in Canada that has been enabled by a shelf enrollment filed in July 2019.
That money raise arrived across the time that is same signed a definitive agreement to acquire Bluma Wellness for $213 million in a move to expand into Florida’s high-growth MMJ market.
Cresco’s shares trade on the US market that is over-the-counter the ticker icon CRLBF plus the Canadian Securities Exchange under CL(*)