A U.S. pot company run by former executives from Goldman Sachs Group Inc. and Bank of America Corp. will begin trading in Canada Monday with a market value of almost $1 billion.
Ayr Strategies Inc., which will trade on Toronto’s NEO Exchange under the symbol AYR, is the offspring of Canada’s first cannabis-focused special purpose acquisition company. Known as Cannabis Strategies Acquisition Corp., the SPAC was formed in 2017 and recently acquired five pot firms operating in Nevada and Massachusetts that generated more than $100 million in revenue in 2018.
Unusually for the nascent cannabis industry, Ayr’s businesses also reported earnings before interest, taxes, depreciation and amortization of about $30 million in 2018. The company, which produces, distributes and sells the drug, including from dispensaries