Canadian cannabis giant Aurora Cannabis Inc (TSX:ACB; OTCQX:ACBFF) will uplist to the New York Stock Exchange and begin trading on October 23 under its ticker symbol "ACB."
The move will allow the company to draw a broader group of institutional and retail investors as it charges ahead in the wake of Canada's move to make recreational marijuana legal.
Aurora will continue to trade on the Toronto Stock Exchange as well, but it will delist its shares from the OTCQX once it starts trading on the NYSE.
"Our NYSE listing represents another important milestone that reflects our commitment to all stakeholders as we continue advancing domestic and international growth initiatives, which includes expanding our base of global institutional and retail investors," said Aurora CEO Terry Booth in a statement.
READ: Aurora Cannabis granted sales license by Health Canada on first day of legalized marijuana
Based in Edmonton, Alberta, Aurora is one of the largest cannabis companies, as it has the production capacity of more than 500,000 kilograms per year, with operations in 18 countries.
With a market cap of $10 billion, it competes with the likes of Canopy Growth, which has a market cap of $11.6 billion, and Tilray, which has a market cap of $13.8 billion. Its acquisitions total 15 companies, including MedReleaf and the pending acquisition of ICC Labs, a leader in the South American cannabis market.
The Canadian cannabis company has been in the news recently as its name surfaced in reports that the beverage giant The Coca-Cola Company (NYSE:KO) is showing an interest in getting into the cannabis drinks business. Last month, Aurora Cannabis commented that it had reached “no such agreement” about a partnership with the beverage company.
Existing shares of Aurora, which previously traded on the OTCQX under the ticker symbol ACBFF, will trade on the NYSE, starting next week.
Aurora Cannabis shares closed down 3.4% to $10.44 on Wednesday.
Contact Ellen Kelleher at ellen@proactiveinvestors.com