Canadian cannabis company Aphria Inc APHA announced Tuesday it will transfer its stock from the New York Stock Exchange to the Nasdaq exchange after the market closes June 5.
What To Know
“This move is a reflection of our ongoing commitment to find cost effective ways of operating so we can continue to deliver long-term value to shareholders,” CEO Irwin D. Simon said in a press release. “Additionally, as a purpose driven Company, we believe Nasdaq will be a good fit for Aphria, particularly given our focus on, and the progress we have made, integrating ESG practices across our business.”
More than 76% of Nasdaq-listed companies report on ESG metrics.
Why It’s Important
In the last few years, some big names have defected from Intercontinental Exchange Inc's ICE NYSE to the Nasdaq, including PepsiCo, Inc. PEP in 2017 and Sanofi SA SNY in 2019. Investopedia cites financial and logistical advantages to listing on the Nasdaq, which has smaller fees and less stringent criteria.
Still, the NYSE claims the gains go both ways. According to its website, about $1.3 trillion in equity market cap has transferred from the Nasdaq to the NYSE since 2000.
Aphria will continue to trade under ticker symbol APHA and maintain its listing on the Toronto Stock Exchange.
The stock trades around $4.28 per share.
Don’t miss this opportunity to connect with THE cannabis movers and shakers from across the globe during Benzinga’s first Virtual Cannabis Capital Conference on June 1.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Missed the first wave of cannabis investments? Don’t make that mistake again.
Experts believe cannabis stocks have found their floor and are now poised for unprecedented growth.
Join Benzinga PotProfits. Our in-house canna stock expert, Michael Berger, is on a mission to uncover the most promising cannabis stocks poised for growth, even in a dull market. He leaves no bud unturned to bring you the juiciest potential double-digit opportunities!
Just this year, the PotProfits portfolio has seen smoking-hot gains like:
- 47.10% with $GTBIF
- 40.23% with $TCNNF
- 21.50% with $VFF