Aurora Cannabis (TSX: ACB) (OTC: ACBFF) publicly disclosed today that it would be listing on the New York Stock Exchange. Although the public has known that Aurora was applying to a major U.S. based exchange, it wasn’t revealed until today which exact one they were applying for, according to Forbes.
The company will have the same ticker symbol, ACB, on the NYSE and will continue to trade on the TSX. By getting listed on a major U.S. exchange, it would open the door for a broader range of investors to buy shares in the company, including both institutional funds as well as retail investors.
“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,” said Aurora CEO Terry Booth.
Aurora will be joining many other Canadian cannabis companies that have their own listings in the United States. These include Canopy Growth (TSX: WEED) (NYSE: CGC), Tilray (NASDAQ: TLRY) and Cronos Group (TSX: CRON) (NASDAQ: CRON). Other companies that have announced intentions to trade on U.S. exchanges include Aleafia (TSXV: ALEF), which revealed it plans to list on the NASDAQ. Aphria (TSX: APH) and CannTrust (TSX: TRST) are both expected to list on major exchanges in the near future as well.
Aurora’s current market capitalization is at USD 10.08 billion as of today, making it the third largest Canadian cannabis company. Shares of Aurora closed the day at $15.07, up $1.36 or close to ten percent at the time of writing, with the upward price movement acting as a continuation of the longer 5-day and 30-day bullish trends moving the stock price.
Part of the reason behind these share price increases is the upcoming legalization of cannabis in Canada on Oct. 17th. However, investor confidence also stems from positive financial results from Aurora’s last quarter, which showed tremendous growth including a 19% increase in revenue along with a 223% increase from the previous year. Additionally, the acquisition of MedReleaf (TSE: LEAF) for USD 2.5 billion in an all-stock transaction was also received as an optimistic sign by investors.
“Aurora’s high-paced execution has made it one of the world’s leading cannabis companies. We have grown from being a licensed producer with a single facility, to a horizontality differentiated and vertically integrated global organization with a funded production capacity in excess of 500,000 kg a year, sales and operations on five continents, and a team of more than 1,500 employees,” added Booth.
For cannabis enthusiasts, this development is just another in a long line of positive signs for the marijuana industry. As a relatively young sector, many companies in the area are well poised to make significant gains in the upcoming months and years, with many analysts believing Aurora to be one of them.
Aurora Cannabis Inc. Company Profile
Headquartered in Edmonton, Alberta, Canada with funded capacity in excess of 500,000 kg per annum and sales and operations in 18 countries across five continents, Aurora is one of the world’s largest and leading cannabis companies.
Aurora is vertically integrated and horizontally diversified across every key segment of the value chain, from facility engineering and design to cannabis breeding and genetics research, cannabis and hemp production, derivatives, high value-add product development, home cultivation, wholesale and retail distribution. – PR Newswire