“Once finalized, listing our shares on the NYSE will represent a continuation of our upward trajectory as we build the global cannabis industry,” says Canopy Growth Corporation (TSX:WEED) CEO
SmallCapPower | May 15, 2018: Canopy Growth Corporation (TSX:WEED), Canada’s biggest cannabis company by market capitalization, has applied to become the first marijuana producer to list on the New York Stock Exchange (NYSE). Canopy Growth announced on Monday about its application for listing its common shares on the NYSE. Subject to the receipt of all the mandatory approvals, the Company expects its common shares to begin trading on the NYSE before the end of May 2018. Before listing on the NYSE, Canopy Growth is going to file Form 40-F Registration Statement with the US Securities and Exchange Commission.
Post its NYSE listing, Canopy Growth’s common shares will trade under the ticker symbol ‘CGC’. The Company will continue to trade on the TSX under the ticker symbol ‘WEED’. Once all the regulatory formalities are fulfilled, the trading date on the NYSE for Canopy Growth will be disclosed.
Canopy Growth’s Chairman and CEO, Bruce Linton, said, “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. Once finalized, listing our shares on the NYSE will represent a continuation of our upward trajectory as we build the global cannabis industry.”
If Canopy Growth’s application is approved by the NYSE, it will join Cronos Group Inc. as the second Canadian cannabis company to list south of the border. In February 2018, Cronos began trading on the Nasdaq under ticker ‘CRON’.
Canopy Growth Corporation is a leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. The Company operates eight cannabis production sites with over 2.4 million square feet of production capacity, including more than 500,000 square feet of GMP-certified production space. Canopy Growth has operations in seven countries across four continents.
Currently, Canopy Growth’s stock trades at a market capitalization of $6.46 billion on the TSX with price-to-book ratio of 6.40x. After the announcement, its shares climbed nearly 7% on the TSX to close at $32.38 on Monday.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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