Freehold Properties Inc. announced Monday that it is withdrawing its $115 million IPO, about 15 months after the real estate mutual fund focused on the cannabis sector announced plans to go public, as per a file emerges. Freehold Properties didn’t provide an explanation for the decision to make the move, but the IPO market has been badly hit by the bear market, while cannabis stocks have weakened significantly this year. The AdvisorShares Pure US 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.
