Aurora Cannabis chooses the New York Stock Exchange, Aleafia prefers the Nasdaq
On Friday, Aurora Cannabis Inc. (TSX:ACB) ended about a week’s worth of speculation following their announced intentions to list on a yet-to-be-named U.S. stock exchange. In a public filing, the Form 40-F, the company revealed their plans to land on the New York Stock Exchange later this month.
In related news, Canadian medical marijuana company Aleafia Health Inc. (TSX-V:ALEF) (OTCMKTS:ALEAF) announced on Tuesday it applied to list on the Nasdaq. The company planned to file its Form 40-F, a requirement for Canadian companies planning to list in the U.S. markets, at some point later this week.
“Management believes that listing on the NASDAQ will help to broaden our shareholder base, increase appeal to institutional investors, provide shareholders with better liquidity and, ultimately increase shareholder value, allowing Aleafia to rapidly accelerate our business strategy,” said company CEO Geoffrey Benic in a statement earlier this week.
Neither Aurora nor Aleafia offered specifics as to a date for their U.S. debuts or their new ticker symbols, though in the case of Aurora they mentioned sometime in October when presenting their fiscal year-end results last week. Using Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) as a benchmark, which listed on the NYSE earlier this year, it may not take either company too long to begin trading in the U.S. Canopy filed their Form 40-F on May 15 and made their debut on the NYSE on May 24.
"Listing our shares on a senior U.S. exchange reflects the level of corporate and business maturity and our high-paced execution. This listing provides access to a broader investor audience who gain the opportunity to participate in our continued success,” said Terry Booth, Aurora Cannabis’ CEO in a statement last week.
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It’s been a banner year for both companies as marijuana stocks have taken off ahead of the launch of recreational cannabis sales in Canada, which are set to begin on October 17. Aurora saw revenues triple this year, coming in at $19.1 million for Q4 and $55.1 million for the fiscal year, an increase of 223 percent and 206 percent point-in-time respectively.
Meanwhile, Aleafia shares are up 340 percent this year, with the company claiming 50,000 medical cannabis patients and an expected haul of around 38,000 kg of cannabis flower in 2019.
“Listing on the NASDAQ is another step as we continue to execute on our stated goal of attaining a global leadership position in the cannabis space,” said Aleafia Chairman Julian Fantino in a statement.