This Massive Marijuana Stock IPO Imploded on Its First Day of Trading

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This Massive Marijuana Stock IPO Imploded on Its First Day of Trading

Flickr / Bro. Jeffrey Pioquinto, SJ / (CC BY 2.0)

In late May, MedReleaf priced its public offering at just over $7 per share. The marijuana stock IPO raised a whopping $75 million, $60 million of which came from the sale of stock from its treasury and $15 million from existing shareholders.

Unfortunately, things didn’t work out as planned for pot investors or MedReleaf. After its first day of trading on June 7, MedReleaf’s shares had sunk by 22%, marking the worst decline for a debuting stock on the Toronto Stock Exchange in 16 years.

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