First Canadian cannabis company could be headed for NYSE05.14.18
This February, with its cross-listing on the Nasdaq Global Market, Cronos Group Inc. (TSX-V: MJN; Nasdaq: CRON) became the first “plant-touching” cannabis cultivator to list on any U.S. exchange. This listing was particularly notable because Cronos is a Canadian company.
Not to be outdone, another Canadian cannabis cultivator, Canopy Growth Corporation (TSX:WEED), which is arguably CRON’s biggest competitor, today announced that it had withdrawn its Nasdaq listing application and instead applied to cross-list its common shares on the New York Stock Exchange.
If the company’s listing application is approved, Canopy Growth's common shares would trade under the ticker symbol "CGC."
As reported in our blog post on the topic, CRON’s cross-listing signaled a potential paradigm shift for public Canadian cannabis companies. CGC’s application to the NYSE appears to signal that the shift will continue, with Canadian cannabis companies seemingly gaining confidence that they will be able to raise significant capital in the U.S. However, also as noted in our previous blog post, it still remains to be seen whether U.S. investment banks will underwrite offerings of Canadian and other foreign cannabis companies as they begin to cross-list on the national exchanges in the U.S.