Canadian cannabis giant Aurora Cannabis Inc (TSX:ACB, OTCMKTS:ACBFF) has applied for a listing on the New York Stock Exchange and will trade on the US exchange under its same ticker symbol "ACB" before the close of October if approved.
Aurora will continue to trade on the Toronto Stock Exchange and will also stay on the OTC Markets until the NYSE listing is complete, at which time it will delist from the OTC market.
Uplisting to the NYSE would pave the way for Aurora to woo a broader base of institutional investors and comes as Canada is set to make recreational marijuana legal, starting next week.
“Through our NYSE listing, Aurora joins an established group of mature global brands with improved access and exposure to an engaged international investor audience,” said Aurora CEO Terry Booth in a statement.
The Canadian cannabis company has been in the news in recent weeks after its name surfaced in reports that the beverage giant The Coca-Cola Company (NYSE:KO) is showing an interest in getting into the cannabis drinks business. Last month, Aurora Cannabis commented that it had reached “no such agreement” about a partnership with the beverage company.
Headquartered in the city of Edmonton in Alberta, Canada, Aurora is one of Canada’s largest cannabis companies, with a market cap of $9.82 billion, and competes with the likes of Canopy Growth, which has a market cap of $11.2 billion, and Tilray, which has a market cap of $12.01 billion.
Aurora shares were trading 2.3% lower on the Toronto Stock Exchange in Wednesday's early trade and hovering at C$12.94.
Contact Ellen Kelleher at [email protected]