Organigram Holdings Inc. (TSXV:OGI), one of the Canadian marijuana stocks, has applied to list its shares on the NASDAQ Global Select Market
SmallCapPower | May 2, 2019: Organigram Holdings Inc. (TSXV:OGI) (OTCQX:OGRMF), one of the Canadian cannabis stocks and parent company of Organigram Inc., Friday announced that it has applied to list its common shares on the NASDAQ Global Select Market (NASDAQ). The Company produces high-quality, indoor-grown cannabis for medical and adult recreational use in Canada. Organigram is also developing international business partnerships to extend its global footprint. The Company has a rich portfolio of legal, adult-use recreational cannabis brands, including The Edison Cannabis Company, Ankr Organics, Trailer Park Buds and Trailblazer.
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Organigram Holdings will file a Form 40-F Registration Statement with the United States Securities and Exchange Commission. The listing of the Company’s common stock is subject to regulatory and NASDAQ approval. Organigram will continue to list its common shares on the TSX Venture Exchange (TSXV) under the symbol OGI.
In connection with filing the Form 40-F, Organigram has re-filed its annual financial statements for the fiscal years ended 2017 and 2018 to include statements in the audit report of the Company’s independent registered public accounting firm to clarify that the consolidated financial statements have been filed in accordance with International Financial Reporting Standards “as issued by the International Accounting Standards Board.” This change is being made to comply with the requirements of the United States Securities and Exchange Commission. No other substantive changes are being made to the consolidated financial statements.
Organigram Holdings Chief Financial Officer Paolo De Luca said, “As a management team we are seeing increased interest from investors in the U.S. and internationally and believe that having a listing on the NASDAQ will facilitate trading. In addition, based on precedents in the cannabis space, we expect trading volumes to increase, which should result in increased liquidity for all investors.”
Post the announcement, Organigram stock climbed 11% and has advanced nearly 18% over the past three trading sessions. OGI currently has a market capitalization of C$1.6 billion with a price-to-book multiple of 4.9x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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