Canada’s biggest cannabis company Canopy Growth has applied to become the first cannabis company to be listed on the New York Stock Exchange (NYSE), marking a major milestone for the industry.
The company currently already trades on the Toronto Stock Exchange (TSE) under the symbol ‘WEED’ but expects to be listed under ‘CGC’ on the NYSE before the end of the month.
Canopy Growth is making the move in the aim gaining more traction south of the Canadian border, in the hopes that more institutional investors will see the company as a viable option and provide funding for a leading operator within one of the region’s fastest growing markets.
Canopy Growth to date does not have any operations within the US, and recreational marijuana still remains illegal within the country.
The firm is currently valued at more than CAD$6bn by market value, having see its stock more than triple in value over the course of the past 12 months.
Off the back of this strong performance, the company has most recently announced that it has agreed to acquire the outstanding shares of its research arm Canopy Health Innovations.