In November 2016, the chief executive officer of CanniMed Therapeutics Inc. was considering the company’s options for raising capital through an initial public offering. The decision was critical for the Saskatchewan-based medical cannabis company, which had been an early leader in this fast-growing sector and was seeking to take advantage of growth opportunities. The company’s history in the space dated back to 2000, when it was awarded a sole source five-year contract from Health Canada to supply Canadians with medical marijuana. Since then, the demand for medical cannabis had grown exponentially, and policy liberalization had opened up prospects for the recreational market. CanniMed Therapeutics Inc. had positioned itself as a leader with extensive experience in research, development, and commercialization. The decision for it to go public was clouded by many burning issues and risks, which led to intense speculation among investors as to whether the firm should be going public at this time and, if so, at what price.