William Sumner
On October 9, 2018, Aurora Cannabis Inc. (ACB) announced that it has filed an application to list its shares on the New York Stock Exchange (NSYE). The company said that it expects to begin trading on the NYSE by the end of October under the symbol “ACB.”
“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,” said Aurora CEO, Terry Booth. “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.”
If approved by the NYSE, Aurora will join a small but growing number of cannabis companies that are trading on major U.S. stock exchanges. Earlier this year, Cronos Group (CRON) became one of the first cannabis companies to list on the NASDAQ, Canopy Growth Corp. (CGC) followed several months later by listing its shares on the NYSE.
One of the most successful U.S. cannabis stocks in recent months has been Tilray (TLRY), whose stock has been on somewhat of a wild ride over the last several weeks but has since stabilized at or around $136. Hoping to join this list of companies, along with Aurora Cannabis, is High Times Media. In anticipation of going public on the NASDAQ later this month, High Times has been going through a Regulation A+ offering, selling shares to over 9,000 small-time investors and raising approximately $12.5 million.
Aurora will continue to trade on the Toronto Stock Exchange using the “ACB” symbol. The company will also continue to trade on the OTCQX under the ticker symbol “ACBFF” until the NYSE is completed, upon which Aurora will voluntarily delist itself from the exchange.
The NYSE has been conflicted with its listing of cannabis companies. It didn’t allow Canopy Growth to ring the opening bell, an honor bestowed on many new listing companies. It also won’t allow Green Market Report to deliver news from the floor due to its commitment to covering only cannabis financial news. Clearly, the tide is turning as more cannabis companies begin listing on the exchange and the exchange is happy to take their money.
