Shares of Canadian licensed producer (LP) Aphria (TSX:APH) rose on Tuesday (October 30) following the announcement of the official date of its New York Stock Exchange (NYSE) listing.

Stock of the cannabis company in Toronto jumped on Tuesday by 7.36 percent to C$13.71 as of 12:00 p.m. EST. The LP will officially begin trading on the NYSE on Friday (November 2).

Aphria will change its ticker symbol on the Toronto Stock Exchange (TSX) to align with its NYSE listing to “APHA.” Aphria had obtained official approval from exchange regulators last Wednesday (October 24).

Shares of Aphria have been on a downhill since the start of legalization in Canada, October 17, alongside the rest of the public cannabis sector. Since legalization, the company’s stock has decreased 34.18 percent in value.

Vic Neufeld, CEO of Aphria, said the company will join an “elite” peer group of companies raising capital through American investors.

“Listing on the NYSE provides Aphria with access to the largest equity market in the world, with increased exposure to a vast array of US institutional and retail investors,” he said in the statement.

Aphria confirmed it will voluntarily delist its shares from the OTCQB exchange, which had traded under the ticker symbol “APHQF.”

Investor takeaway

This move by Aphria follows in the footsteps of fellow cannabis LPs Canopy Growth (NYSE:CGC,TSX:WEED) and Aurora Cannabis (NYSE:ACB,TSX:ACB).

Obtaining a US listing has proven to increase to the value of a cannabis company and in bringing legitimacy to the rest of the market.

“American investors like to buy American securities listed on the [NYSE] or NASDAQ,” Charles Taerk, president and CEO of Faircourt Asset Management, previously told the Investing News Network.

He went on to explain even though these investors have noticed the growth of the cannabis space, they hadn’t participated in the sector due to this preference.

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.

American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.

Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.

Keep reading... Show less

An Emerging Markets Sponsored Commentary

Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.

Keep reading... Show less

As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.

A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.

Keep reading... Show less

The product will include polyphenols known to have significant health benefits.

BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.

Keep reading... Show less

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.

The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).

Keep reading... Show less