In the wake of nationwide recreational marijuana legalization, a new crop of companies has sprouted across Canada, while others are taking the plunge to list publicly on various stock exchanges.
Vancouver, British Columbia-based agriculture tech and services company Agrios Global Holdings Ltd. is the latest organization in the latter category, officially listing on the Canadian Securities Exchange (CSE).
Chief Executive Officer Chris Kennedy issued a press release to potential investors stating the company will trade under the ticker symbol AGRO.
Agrios currently leases indoor grow building space, rents out equipment with a focus on aeroponic cannabis cultivation, and offers management and consulting services to licensed marijuana producers.
In the press release celebrating the company’s CSE listing, Chris Kennedy had this to say:
“This is a very exciting day for our team who have been diligently working to achieve this milestone. On behalf of the entire team I would thank our current shareholders for their support to date. I would also like to express our appreciation to everyone who has helped us reach this important milestone, namely our capital providers, industry partners, advisors, and especially our team members and employees.”
Kennedy added, “As a newly listed company on the Canadian Securities Exchange, we at Agrios are committed to building sound value for our current and future stakeholders.”
While primarily based out of Canada, Agrios just leased a grow facility to a licensed cannabis producer in Washington state.
The licensee was unnamed, but Agrios investor details stated the organization is classified as a Tier III producer under Washington state’s recreational marijuana legalization bill, which means the licensed canopy is between 2,000 to 10,000 square feet in size.
Leasing grow space and aeroponics equipment is just one way a variety of marijuana companies across the industry are seeking to offer solutions to the issue of product shortage following legalization.
Companies such as Global Health Clinics have teamed up with holistic in-home health services to offer cannabis for instance, while Maratek is currently designing entirely new portable grow facilities constructed from converted shipping containers.
Newly formed ventures listing on stock exchanges have dominated headlines, but the industry as a whole has experienced massive shifts since Oct. 17.
Existing organizations such as Flowr and Marapharm have undergone a series of management shakeups or even entirely changed business names as both medical and recreational companies focus on trying to meet demand.
Marijuana stocks overall have been volatile since the Cannabis Act went into effect last month, with US elections this past week throwing uncertainty into the North American market.
A full rundown of the current state of cannabis stocks and the biggest news across the industry in the last week can be read here.