Cannabis investors will soon see a Canadian pot stock join the New York Stock Exchange.

Aurora Cannabis (TSX:ACB) announced on Thursday (October 18) it obtained confirmation of approval to list its shares on the New York Stock Exchange (NYSE) starting on October 23.


The approval from the NYSE for Aurora’s listing was issued on Wednesday (October 17).

 

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Aurora had previously confirmed it would use the same ticker symbol, ACB, for its US-listed shares.

The company already has a US listing through the OTCQX, but will delist from that exchange once its NYSE stock launches.

Terry Booth, CEO of Aurora, said the listing is indicative of the domestic and international growth initiatives from the company, including expanding its “base of global institutional and retail investors.”

Canadian cannabis companies transition stock into the US

Aurora’s move continues the trend of Canadian cannabis companies seeking higher class US listings as a way to attract a wider investor audience.

Cronos Group (NASDAQ:CRON,TSX:CRON) was the first to uplist in February, followed by Canopy Growth (NYSE:CGC,TSX:WEED) in May.

Tilray (NASDAQ:TLRY) became the first Canadian LP to directly launch its initial public offering (IPO) on the NASDAQ in July.

“We believe this will increase long-term shareholder value by improving awareness, liquidity, and appeal to institutional investors,” Mike Gorenstein CEO of Cronos said at the time of the company’s announcement.

Investor takeaway

Shares of Aurora rose on Thursday, following a dip on the same day as recreational legalization in Canada. The company closed the trading session with a 1.40 percent increase to price per share of C$13.76.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

 

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