Canopy Growth applies for landmark NYSE listing

16 May, 2018, 00:54 | Author: Arnold Perez
  • Ottawa-area pot firm Canopy Growth applies to list on NYSE

The Smiths Falls-based cannabis producer announced Monday morning that it has applied to list its shares on the New York Stock Exchange under the symbol CGC.

Canopy will continue trading on the Toronto Stock Exchange under the ticker symbol WEED.

"Since becoming the first regulated cannabis producer to list their shares in North America in 2014 our team has focused on building credibility through consistent execution", said CEO Bruce Linton in a statement. Today, he said he chose the NYSE instead, noting that "Ultimately one of them is on Wall Street and has a bit more history and cache".

Marijuana is still illegal at the federal level in the USA, though Canopy doesn't have any operations south of the border and is fully compliant with the laws in every country where it operates, Linton said.

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Canopy Growth is making the move in the aim gaining more traction south of the Canadian border, in the hopes that more institutional investors will see the company as a viable option and provide funding for a leading operator within one of the region's fastest growing markets. "I think the investment community has to drop the pot jokes and talk about the investment grade opportunity".

If its application is approved, Canopy would become only the second "pure play" marijuana company to list on a top American stock market. Cronos began trading on the Nasdaq in February. "Once finalized, listing our shares on the NYSE will represent a continuation of our upward trajectory as we build the global cannabis industry".

The firm is now valued at more than CAD$6bn by market value, having see its stock more than triple in value over the course of the past 12 months.

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