PharmaCann Planning IPO with Potential Valuation of $1B+

New York-based cannabis firm PharmaCann is planning an initial public offering that could value the company at over $1 billion, according to a Reuters report citing sources familiar with the plan.

PharmaCann has not confirmed the IPO but it could take place this fall. The company reportedly submitted the IPO paperwork to U.S. and Canadian regulators within the last 30 to 45 days.

According to the report, Canadian investment bank Canaccord Genuity is expected to be the lead underwriter, with more banks likely to be hired. Canaccord did not comment on the report.