Leading cannabis company Canopy Growth Corp. announced it has started the application process to list its shares on the New York Stock Exchange.
Canopy Growth is a diversified cannabis and hemp company that has a range of services from production to market execution. The company, which currently lists public shares in Canada, was the first regulated cannabis producer to list shares in North America in 2014.
The company said in a statement that subject to the receipt of required approvals common shares are expected to begin trading on the NYSE before the end of May. Canopy Growth will file a Form 40-F Registration Statement with the Securities and Exchange Commission in advance of its listing, which still remains subject to approval from the NYSE and from regulators.
Canopy Growth shares will trade on the NYSE under the ticker “CGC.” They will continue to trade on the Toronto Stock Exchange under the ticker “WEED.”
“Since becoming the first regulated cannabis producer to list their shares in North America in 2014 our team has focused on building credibility through consistent execution,” said Canopy Growth CEO Bruce Linton in a statement. “Once finalized, listing our shares on the NYSE will represent a continuation of our upward trajectory as we build the global cannabis industry.”
Canada-based Canopy Growth gained further recognition in U.S. markets in October 2017, when Action Alerts PLUS holding Constellation Brands Inc. (STZ) took a minority stake in the company.
Toronto-listed shares of Canopy Growth have soared 20.4% in the last three months and 292% in the last year.
TheStreet reached out to Canopy Growth for a comment but had not yet heard back at time of publication.