Federal prohibition makes it extremely difficult for a U.S. pot company to expand to other canna-legal states, but moving to a country where cannabis is completely legal is a different prospect altogether. The company raised $110 million for a reverse takeover – a process by which a private company can go public by acquiring a listed company. “Fortunately – or unfortunately – it’s the only place to list, really, if you’re a U.S. company touching the plant,” said Buzkin. Every American business even tangentially involved with the cannabis industry has had their attempts at entering the stock market rebuffed, but Cronos was approved due to the fact that they will not be operating on U.S. soil. The company originally planned to apply for a listing on NASDAQ, but decided to wait for a shot at the NYSE due to its greater prestige. If successful, the company could be trading by the end of this month.
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