In this market news Aurora Cannabis Inc. (TSX:ACB), one of the Canadian marijuana stocks, has filed to list its shares on the New York Stock Exchange (NYSE)
SmallCapPower | October 10, 2018: Aurora Cannabis Inc. (TSX:ACB), one of the Canadian cannabis stocks, has filed an application for listing of its common shares on the New York Stock Exchange (NYSE) under the ticker ‘ACB’, the same symbol the stock trades on the Toronto Stock Exchange (TSX). The listing of Aurora Cannabis shares is subjected to the approval of the NYSE and fulfillment of all necessary regulatory requirements.
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Edmonton-based Aurora Cannabis would be the second Canadian cannabis company to be listed on the NYSE after Ontario-based Canopy Growth Corporation (TSX:WEED), which commenced trading on the U.S. exchange in May 2018. Aurora expects trading of its shares on the NYSE before October-end of this year. Also, Aurora Cannabis will continue to trade on the OTCQX under the ticker ‘ACBFF’ until completion of the NYSE listing, after which the marijuana producer will voluntarily delist its shares from the OTCQX.
By listing on the NYSE, larger institutional firms will have the opportunity to buy public shares of the Company. Aurora Cannabis will join other Canadian cannabis firms that have been listed on U.S. exchanges – Cronos Group (NASDAQ:CRON), Tilray (NASDAQ:TLRY), apart from Canopy Growth Corporation (NYSE:CGC).
Aurora Cannabis Inc’s CEO Terry Booth remarked, “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. Aurora’s high-paced execution has made it one of the world’s leading cannabis companies. We have grown from being a licensed producer with a single facility, to a horizontality differentiated and vertically integrated global organization with a funded production capacity in excess of 500,000 kg a year, sales and operations on five continents, and a team of more than 1,500 employees.”
Aurora Cannabis is well positioned to cater to the domestic adult recreational consumer market in Canada, to be officially launched on October 17, 2018, with a portfolio of strong consumer brands and provincial supply arrangements covering 98% of the Canadian population.
Aurora Cannabis currently trades at a market capitalization of C$12.72 billion with price-to-book multiple of 4.83x.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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