The expansion of Canadian cannabis companies into the US public markets continues as Aurora Cannabis (TSX:ACB) officially confirmed its application for a New York Stock Exchange (NYSE) listing on Tuesday (October 9).
As the company awaits for approval from the exchange on its listing and regulatory requirements, Aurora confirmed it would employ the same ticker symbol “ACB” for its shares in the US.
“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,” Terry Booth, CEO of Aurora, said in the press release.
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Aurora will join fellow Canadian licensed producer (LP) Canopy Growth (NYSE:CGC,TSX:WEED) on the NYSE, which joined the exchange in May. The first Canadian cannabis stock to reach the a premier US exchange was Cronos Group (NASDAQ:CRON,TSX:CRON), which made its debut on the NASDAQ in February.
Shares of Aurora had already found its way to the US market by trading on the OTC Best Markets. The company confirmed once it obtains approval for its NYSE listing it would de-list its shares from the OTCQX exchange.
The company estimated its NYSE debut will occur before the end of the month.
“This listing provides access to a broader investor audience who gain the opportunity to participate in our continued success,” Booth said as part of the quarterly report.
During a call with investors Cam Battley, chief corporate office for Aurora, said getting a US listing wouldn’t “affect things immediately” in terms of the cannabis company getting a deal with a major established corporation.
Aurora’s confirmation of its NYSE listing is no surprise to the cannabis market at large, but it does provide another stepping stone of validation for the industry. Investors should be aware of the potential this new listing could bring to Aurora’s stock performance.
The company’s stock on the TSX got a boost during Tuesday’s trading session thanks to the NYSE application confirmation. As of 11:30 a.m. EST shares of Aurora were up 3.75 percent to reach C$13.29. Over a year-to-date period, its shares has increased 2.88 percent.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.