Canadian based Marijuana producer Aphria Inc. (TSX: APH)(OTC: APHQF) announced today that the company’s shares had been approved to appear on the New York Stock Exchange (NYSE), and will be open for trading this Friday, November 2nd.
The company will be listed under a new ticker symbol “APHA” on the US-based exchange, while simultaneously changing their Toronto Stock Exchange (TSX) ticker to “APHA” on the same day. Existing shares of Aphria available in the US, which have previously been sold on the OTCQB, will instead be traded on the NYSE once the transition goes through.
“Listing on the NYSE provides Aphria with access to the largest equity market in the world, with increased exposure to a vast array of US institutional and retail investors. This strategic move aligns directly with our growth ambitions as we enter an elite peer group of respected, high-profile corporate brands listed on the NYSE,” said Aphria CEO Vic Neufeld. “We are excited to usher in a new era with the recent legalization of adult-use cannabis in Canada and as we aim to further expand our footing in exciting markets such as Latin America, the Caribbean, and Europe. Aphria is well-positioned to capitalize on this fast-growing industry.”
Aphria’s stock price increased by $0.54, or 4.23 percent today, which can partially be attributed to the news announcement, but could also be due to a general upturn in the markets as the Dow Jones climbed over 430 points. Other cannabis stocks have risen today as well, marking a potential turnaround point in what has been a strong, bearish decline.
Although conventional wisdom would expect that opening on a larger exchange such as the NYSE would be positive for the company, Aurora Cannabis Inc (TSE: ACB)(NYSE: ACB) saw it’s stock value plummet drastically, becoming one of the worst performing stocks on the exchange for many days.
It’s entirely likely that Aphria could experience a similar decline as Wall Street reacts pessimistically to Canadian cannabis companies ability to supply the overwhelming glut of demand across the nation, especially since the US has it’s own domestic marijuana companies that are already profitable.
However, it’s worth mentioning that Aurora’s listing on the NYSE occurred simultaneously during this bearish decline, which would have dragged down the stock’s price regardless if it had listed on the NYSE or not.
Regardless, getting listed on the NYSE is a goal that many Canadian marijuana companies share, and is a noteworthy achievement none the less.
Aphria Inc Company Profile
Aphria is a leading global cannabis company driven by an unrelenting commitment to our people, product quality and innovation. Headquartered in Leamington, Ontario – the greenhouse capital of Canada – Aphria has been setting the standard for the low-cost production of safe, clean and pure pharmaceutical-grade cannabis at scale, grown in the most natural conditions possible.
Focusing on untapped opportunities and backed by the latest technologies, Aphria is committed to bringing breakthrough innovation to the global cannabis market. The Company’s portfolio of brands is grounded in expertly-researched consumer insights designed to meet the needs of every consumer segment.
Rooted in our founders’ multi-generational expertise in commercial agriculture, Aphria drives sustainable long-term shareholder value through a diversified approach to innovation, strategic partnerships and global expansion, with a presence in more than 10 countries across 5 continents. – Aphria
