Sharess in Ananda Pharma Plc (AQSE:ANA), a UK-based biopharmaceutical company developing cannabis-derived medicines, will later today start trading in the United States.
That's because its stock will be available to American investors on the OTCQB Venture Market, under the ticker symbol ANANF. It will continue to trade on the Aquis Stock Exchange in London, where the company has its primary listing.
The move does not involve a capital raise, but the company said the US listing would make it easier for American investors to access its shares, which will now be priced in US dollars and available to trade during US market hours.
Cross-trading on the OTCQB is often used by international companies looking to widen their shareholder base in the world’s largest capital market. Ananda said it hopes the listing will increase its visibility among investors and improve liquidity in its shares.
The company is developing regulatory-approved cannabinoid-based treatments for chronic health conditions.
"Following the recent appointment of Chris Tovey, the former COO of Nasdaq-listed GW Pharmaceuticals and Jazz Pharmaceuticals, and our engagement of Viridian Capital Partners in New York, the OTCQB listing is the third step of our US strategy," said Melissa Sturges, Ananda's CEO.
"As we start our world-leading cannabinoid clinical trials into a range of complex chronic conditions, we are focused on the US as the key market for commercialising future regulatory-approved medicines. Increasing our visibility in this market is a crucial step and one I'm pleased we are making."