The listing application for the Ontario-based cannabis company is subject to a number of regulatory requirements, including registration of its common shares under the US Securities Exchange Act.
In the meantime, TGOD’s shares will continue to be traded on the Toronto Stock Exchange (TSX).
TGOD CEO Brian Athaide said in a press release that the move will broaden the investor base for the company and “increase access for international investors as (they) build the leading global organic cannabis brand.”
He added, “Our team remains focused on executing our business plan and creating value for our shareholders.”
Some recent international moves on the part of the company include the launch of its Global Strategic Hemp Division in June to help it expand into emerging international hemp markets.
The new division is set to leverage TGOD’s expertise in the European hemp CBD market. “(This should) fuel growth and accelerate the development and commercialization of new products across its network of international partners,” a press release reads.
TGOD also entered the US beverage market earlier this year with an investment into Califormulations with the goal of creating a line of TGOD-branded hemp-based CBD beverages.
The company began trading on the TSX last year and since then has announced partnerships with other cannabis companies, including a multi-year agreement for extraction, formulation and packaging services for Neptune Wellness Solutions (TSX:NEPT).
In its results for Q1 2019, the company reported that it’s on track with the construction of its sites in Hamilton, Ontario, and Valleyfield, Quebec, with an investment of C$46.9 million in the first quarter. The report also states that the bulk of the revenue from the quarter, C$2.4 million, came from its subsidiary HemPoland, representing a 28 percent increase over the previous quarter.
Last month, another player in the cannabis space, KushCo Holdings (OTCQX:KSHB), also applied for a NASDAQ listing. The California-based company specializes in creating packaging, containers and other ancillary cannabis products and currently trades on the OTCQX.
Shares of TGOD opened at C$3.29 on Wednesday before rising to C$3.46. As of 2:00 p.m. EDT, the company sat at C$3.33.
TGOD expects to release its second quarter results on August 13 after markets close.
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Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.