Aurora Cannabis Inc. (ACB) has announced that its shares will begin trading on the NYSE on October 23.
The Edmonton, Canada-based business, dubbed the “Berkshire Hathaway Inc. (BRK.B) of cannabis due to its strong track record of investing in other companies, said its shares would trade under the ticker “ACB,” the same symbol it uses on its separate Toronto Stock Exchange listing.
Aurora will join Canopy Growth Corp. (CGC) and Tilray Inc. as the third approved Canadian cannabis business to list in the United States (TLRY).Aphria Inc. (APH) alsorecently submitted a request tolist its shares on the world’s biggest stock exchange, following the likes of Aleafia Health Inc. (ALEAF), Namaste Technologies Inc. (N) and Alkaline Water Company Inc.(WTER), according to SmallCap Power.
“Our NYSE listing represents another important milestone that reflects our commitment to all stakeholders as we continue to advance domestic and international growth initiatives, including expanding our base of global institutional and retail investors,” Aurora CEO Terry Booth said in a press release.
Investors are already familiar with Aurora, the third largest cannabis company behind Canopy andTilray. Apart from being a significant benefactor of Canada’s recent recreational cannabis legalization, the business has also profited from unverified rumours that beverage giant Coca-Cola Co. (KO) wants to collaborate with it to make weed-infused drinks.
Aurora’s economic initiatives have benefited from this excellent attention. The moniker “Berkshire Hathaway of marijuana” won’t hurt it as it seeks to float on the world’s biggest stock market.
Aurora increased its sales and earnings in the last quarter of the fiscal year, owing mostly to its numerous holdings in other marijuana companies. According to MarketWatch, as of September 21, the company had invested more than $700 million Canadian dollars ($534 million) in public companies in the sector, including The Green Organic Dutchman Holdings Ltd (TGOD), Hempco Food and Fiber Inc. (HEMP), CTT Pharmaceuticals Holdings Inc. (CTTH), and Choom Holdings Inc. (CHOOF).
Benefits of Listing
Aurora’s successes, along with conjecture tying it to beverage behemoths, might create a lot of interest when its shares go public on the NYSE. Until recently, many U.S. investors have been hesitant to purchase the stock since the only method to do so is via over-the-counter exchanges, which are exempt from Securities and Exchange Commission regulations.
Once that restriction is gone, inflows from both typical U.S. stock pickers and the numerous mutual funds and exchange-traded funds that exclusively invest in businesses that trade on U.S. markets might skyrocket.
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