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Canada-based Aurora Cannabis Inc (OTC:ACBFF) has applied to be listed on the New York Stock Exchange.
Aurora Cannabis will begin trading on the NYSE effective Tuesday, Oct. 23.
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What To Know
The company intends to list under the ticker symbol ACB, but it will continue to list on the Toronto Stock Exchange. Until the NYSE listing is approved, Aurora Cannabis will keep trading on the over-the-counter market.
Aurora Cannabis is a major marijuana player not only in Canada, where it has a production capacity of over 500,000 kg a year, but also around the world, as it has sales and operations on five continents. Attracting new investors through the NYSE listing could help the company further expand its global presence. Earlier this year, Aurora Cannabis took over MedReleaf for $3.2 billion.
"Through our NYSE listing, Aurora joins an established group of mature global brands with improved access and exposure to an engaged international institutional investor audience," CEO Terry Booth said in a press release.
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Cannabis remains illegal in the United States on a federal level and there aren't many U.S.-based companies that opt for a listing on a stock exchange. North of the border, things are looking much brighter.
As Canada approaches the full legalization of cannabis, there's clearly a demand among U.S. investors to put their money into Canadian cannabis companies. Listing on a large exchange like the NYSE or NASDAQ is bound to attract more investors because NYSE- and NASDAQ-listed companies are subjected to stricter regulations and are required to provide a higher level of transparency.
The last couple of years has witnessed a boost among NYSE- and NASDAQ-listed Canadian cannabis stocks.
Canopy Growth Corp (NYSE:CGC) has been trading in the U.S. since 2014, but only earlier this year it listed its stock on the NYSE. Canopy Growth's May listing followed Cronos Group Inc (NASDAQ:CRON), which in February became the first Canadian marijuana company to list on the NASDAQ. Tilray Inc (NASDAQ:TLRY) is another Canadian marijuana player that opted to conduct its IPO directly on NASDAQ in July.
The Aurora Cannabis news is a "slight negative for Cronos and Tilray, in my view, as more companies list," according to the 420 Investor, Alan Brochstein. "[There are] more options now, and more coming."
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.