Canopy Growth Corp., which already trades on the Toronto Stock Exchange under the ticker symbol WEED, said Monday it expects its shares to begin trading in New York under the symbol CGC before the end of May.
Marijuana is still illegal at the federal level in the U.S., though Canopy doesn’t have any operations south of the border and is fully compliant with the laws in every country where it operates, Linton said. He added that he expects the NYSE listing to attract more U.S. institutional investors to his company.
“One of the primary drivers of this listing is, as we are expanding globally, having U.S. institutional investors helps,” he said. “I think the investment community has to drop the pot jokes and talk about the investment grade opportunity.”
If Canopy’s application is approved by the NYSE, it will join Cronos Group Inc. as the second Canadian cannabis company to list south of the border. Cronos began trading on the Nasdaq in February. Representatives for the NYSE couldn’t immediately be reached for comment.
“Listing on the NYSE should significantly widen shareholder attention to Canopy,” Beacon Securities analyst Vahan Ajamian said Monday in a note.
Canopy is the largest pot company in Canada by revenue and market value, worth more than $6 billion. The stock has more than tripled in the past 12 months.