FAIRVIEW HEIGHTS (KMOX) -- The newest stock involves a lot of green.
Ascend Wellness Holdings, Inc. is moving forward with an initial public offering. It expects to sell 10 million shares at $8 a share. At that pricing, Ascend would raise $80 million when the IPO closes on May 4th.
Though the vertically integrated cannabis company runs dispensaries in the Metro East and is is Boston-based, it's filed to go public (ticker: AAWH) on the Canadian Securities Exchange.
That's because pot is still prohibited by U.S. federal law.
Ascend has dispensaries in Collinsville and Fairview Heights, IL, along with stores in the Chicago area, New Jersey, Massachusetts, Michigan, and Ohio. It also owns and operates cultivation centers and product brands.
Its first foray into the St. Louis metro was after Illinois legalized medicinal-only marijuana. The dispensary in Collinsville opened in January 2016 under the HCI Alternatives banner.
In 2021, Ascend opened the largest dispensary in the state of Illinois inside a former Toys 'R Us in Fairview Heights.
Ascend Wellness Holdings, Inc. lost $25 million last year, but revenue jumped 1,095% over the previous year. Marijuana is an $17.5 billion industry, expected to be $41.3 billion in five years.