American cannabis company Golden Leaf Holdings has positioned itself to become the first producer with a joint listing in Europe and the US, according to the Financial Times.
The marijuana oil producer, which listed in Canada this year, began as a provider to the medical community. But according to its website is “committed to becoming the leading consumer-driven brand” targeting “both medical and adult use markets”.
Golden Holdings makes most of its sales in the US, where four states and the District of Columbia have legalised marijuana for recreational use. It makes cannabis products, including oils and vapourisers and distributes them from a dispensary in Oregon.
But with an upcoming ballot in California, the cannabis industry sees the drug becoming more widely accepted. The company says that one-quarter of its investors are European, and being listed in New York could pave the way for another listing in Europe, either AIM or in Germany.
Don Robinson, chief executive of Golden Leaf, told the Financial Times: “More liberalisation could happen, so now is the time to grow our presence abroad.”
Golden Holdings said in its third-quarter review that revenues of an estimated $3 million put their year-on-year growth at 900 percent. They predicted “at least $1 million of additional sales in the fourth quarter”.
The company raised $520,000 of a targeted $10 million from nine American investors between February and May, according to an SEC filing. It is also reported to have raised an overall $8 million so far this year to invest in cannabis oil extraction machinery.