Today both Canadian cannabis giants Aurora (ACB.T) and Aphria (APH.T) announced they would be uplisting to the NYSE. In typical non-promo Aphria fashion the company has not put out a press release, the announcement came via a Form-40-F from the United States Security exchange.
Aphria investors reacted with humor as they believe the stock will most likely dip in typical fashion, for whatever reason whenever Aphria releases positive news the stock does not follow suit.
Aphria is one of the few cannabis companies with a balance sheet that seasoned institutional investors may have an actual glance at. Aphria has stayed away from ruthless promotion and has not marketed itself the same way most cannabis companies have. It also owns one of the most attractive retail brands Broken Coast, and also acquired Nuuvera earlier this year.
Aurora issued a press release this morning in typical fashion.
Aurora’s shares will trade on the NYSE under ticker symbol “ACB”, the same symbol the Company’s common shares currently, and will continue to, trade under on the Toronto Stock Exchange (TSX). Existing shares of Aurora, which previously traded on the OTCQX under the ticker symbol “ACBFF”, will now trade on the NYSE.
These listings from legitimate companies do improve the chances that larger institutional investors will have a look at the cannabis space. Both announcements also come less than 24 hours after cannabis legalization in Canada, which probably means the companies had been waiting for legalization to happen before announcing the news.
This is good for the sector as the more legitimate companies like Canopy, Tilray, Cronos, Aurora and Aphria make it onto major exchanges like the NYSE/Nasdaq, the more trustworthy the industry as a whole becomes.