Shares of HEXO (TSX:HEXO), formerly known as Hydropothecary, jumped on Thursday (January 17) after the company secured a dual listing on the New York Stock Exchange (NYSE).
In Toronto, the share price of the Canadian cannabis producer finished the day with an increase of 3.39 percent in value, amounting to a C$0.21 rise. It closed at a price of C$6.41.
HEXO will begin trading on the premier exchange next Wednesday (January 23). Over a year-to-date period the company’s shares have risen nearly 20 percent in value.
The firm will use the same ticker symbol it currently has for both listings. This year, fellow licensed producer (LP) CannTrust Holdings (TSX:TRST) confirmed an application to list on the NYSE as well.
Peter Aceto, CEO of CannTrust, said the listing will broaden the investor base for the company and will allow it a bigger platform for exposure.
Once both companies begin trading on the exchange, the NYSE will host five Canadian LPs among its listings. Two other LPs, Tilray (NASDAQ:TLRY) and Cronos Group (NASDAQ:CRON,TSX:CRON), are listed on the NASDAQ.
HEXO also announced it will delist its shares from the OTC Pink exchange.
These novel products will be pursued across the space, with multiple LPs announcing intentions to launch their own beverages.
HEXO, Canopy Growth (NYSE:CGC,TSX:WEED) and Tilray are the only producers to have secured a business relationship with a beverage company. Constellation Brands invested C$5 billion into Canopy and Anheuser-Busch InBev (NYSE:BUD) holds a partnership with Tilray.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
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Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.
Pineapple Express Delivery Partners with CannTrust to Offer Same-Day and Next-Day Delivery for estoraTM Medical Cannabis Patients in Ontario
Ensuring estoraTMpatients have seamless access to their high-quality medical cannabis products
World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the “Company” or “World-Class”) is pleased to announce that its subsidiary Pineapple Express Delivery Inc. (“Pineapple Express Delivery” or “PED”), a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, has partnered with CannTrust Inc. to bring same-day and next-day delivery to estoraTM medical cannabis patients in Ontario
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.