- Aurora Cannabis, one of the largest Canadian marijuana producers, is going public on the New York Stock Exchange.
- The company joins Tilray, Cronos Group, and Canopy Growth on US-based exchanges.
- Marijuana is officially legal in Canada as of Wednesday.
Aurora Cannabis, one of the largest Canadian marijuana producers, is going public on the New York Stock Exchange.
Shares of the company are set to begin trading under the ticker ACB before the end of October.
The Edmonton-based cultivator, or licensed producer, currently trades on the Toronto Stock Exchange under the ticker ACB. The firm grows cannabis for both the adult-use and medicinal market.
Aurora’s market capitalisation has gained over 150% since the middle of August. On August 15, the beverage giant Constellation Brands announced it was upping its stake to $US4 billion in Aurora’s rival, Canopy Growth.
As of Wednesday, marijuana is legal in Canada. The US federal government still considers it an illegal, Schedule I drug.
Aurora is also hiring like crazy as Canada’s legal marijuana market opens. The company has a whopping 11 pages of job openings on its website. These positions are based across Canada and range from high-level executive positions to laboratory research positions and industrial cleaners.
While US-based exchanges were initially reticent to list marijuana producers, companies like Tilray(which conducted an initial public offering on the NASDAQ in July) Cronos Group, and Canopy Growth all now list on US exchanges.
To get listed on a US exchange like the NYSE, cannabis producers have to prove they are not violating any federal laws by importing cannabis into the US, except under specific circumstances.
Tilray received approval from the Drug Enforcement Administration to import a marijuana product from Canada to test whether THC and CBD – the active ingredients in the cannabis plant – are effective in treating tremors.
Despite the recent fervor around marijuana stocks, the sector’s stocks were under pressure on Wednesday.
Read more of Business Insider’s cannabis industry coverage:
- The top 12 venture-capital firms making deals in the booming cannabis industry that’s set to skyrocket to $US75 billion
- The CEO of the biggest cannabis company in the US reveals what’s next following a $US682 million acquisition
- Hedge fund legend Leon Cooperman is investing in the marijuana industry – and it’s another sign the sector is heating up
- Famous short seller Andrew Left is creating a cannabis fund. He explains why the market’s not in a bubble, but does need to ‘chill out’
- ‘The new avocado toast’: A former Coca-Cola and AB InBev executive reveals why every food and beverage boardroom needs to be talking about cannabis
- The CEO of the largest cannabis company in the US says giant private equity firms could be his biggest competition – here’s his playbook for defending against them
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