Canopy Growth Surges
Today, Canopy Growth (WEED) stock surged more than 7% on news of its application to list its common shares on the NYSE (New York Stock Exchange). In its press release, the company stated that it expects to begin trading on the exchange before the end of the month under the ticker CGC.
The company also announced its acquisition of the remaining shares (33%) of BC Tweed Joint Venture. This news comes on the heels of Aurora Cannabis (ACB)(ACBFF) announcing its acquisition of MedReleaf (MEDFF) today. Read more in MedReleaf Stock Rises on Aurora Cannabis Acquisition.
Why the NYSE listing is critical
While the acquisition news is critical, we believe the news of the NYSE listing drove most of the surge in Canopy Growth stock today. Listing on the NYSE would give the company access to US shareholders, but it would also mean a more substantial burden from reporting and regulatory filings.
Notes from Cronos
In February, Cronos Group (CRON) became the first Canadian licensed producer (MJ) on the NASDAQ Global Market through the NASDAQ International Designation program. In its press release, management stated that this elevation “will increase long term shareholder value by improving awareness, liquidity, and appeal to institutional investors.”
Read more about these essentials in Why Cannabis Stock Cronos Group Surged 11% Yesterday.