Aphria Inc. (TSX:APH), one of the Canadian marijuana stocks, has applied for listing on the New York Stock Exchange (NYSE)
SmallCapPower | October 22, 2018: Aphria Inc. (TSX:APH), one of the Canadian cannabis stocks, has applied for listing on the New York Stock Exchange (NYSE), submitting its registration statement to U.S. securities regulator on Thursday. The Company will disclose the listing details such as anticipated trading date, ticker symbol etc. after the necessary approval from authorities.
For Our Complete Coverage Of Canadian Marijuana Stocks Click Here
Aphria’s move to get listed on U.S. stock exchange comes on the back of its Edmonton-based competitor Aurora Cannabis Inc. (TSX:ACB), which is expected to start trading on the NYSE on October 23. In May 2018, Canopy Growth Corporation became the first licensed cannabis producer to get listed on the NYSE (under ticker ‘CGC’). Likewise, other Canadian Licensed Producers such as Cronos Group Inc. (NASDAQ:CRON) and Tilray Inc. (NASDAQ:TLRY) have listed their common shares south of the Canadian border this year.
As recreational cannabis consumption became legal in Canada on Wednesday, Aphria welcomed the move. CEO Vic Neufeld remarked, “Today we celebrate the end of nearly a century of prohibition and the beginning of an exciting new chapter for the cannabis industry. The Cannabis Act, which comes into effect today, cements Canada’s global leadership in this rapidly-expanding industry. This is an historic moment as we march into the future of cannabis. This is also an exciting day for Aphria as we look back on our journey. From founding the company in Leamington, Ontario in 2013 and completing our first shipment of medical cannabis a year later, to developing a comprehensive suite of brands, building a roster of strategic partners and continuing a persistent focus on innovation, we have experienced tremendous growth that will help us continue to lead the evolution of the industry in the years to come. It is the commitment of our incredible team and partners that has gotten us to where we are today and built Aphria into a global cannabis success story.”
Aphria offers high-quality cannabis products pertaining to adult-use such as Solei, RIFF, Good Supply, Goodfields and Broken Coast. The Canadian cannabis stock currently trades at a market capitalization of C$4.85 billion on the TSX with a price-to-book multiple of 3.51x and a forward price-to-earnings ratio of 36.02x.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
To read our full disclosure, please click on the button below:
