Freehold Properties Inc. on Monday said it’s withdrawing its $115 million initial public offering about 15 months after the real estate investment trust focused on the cannabis sector aired plans to go public, according to a filing. Freehold Properties did not provide an explanation for the decision for the move, but the market for IPOs has been severely impacted by the bear market, while cannabis stocks have weakened considerably this year. The AdvisorShares Pure U.S. Cannabis ETF is down 62.8% in 2022. Freehold Properties planned to trade on the Nasdaq under the ticker symbol FHP with underwriters Stifel, Cowen and Lake Street.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
