HEXO Corp. (TSX:HEXO) announced on Thursday that its common shares were approved for listing on the New York Stock Exchange. The company will begin trading as of the opening bell on January 23.
Shares will trade under the ticker HEXO, while also continuing to trade on the Toronto Stock Exchange. Also, the company will no longer trade on the OTCPK under the symbol “HYYDF,” beginning on the same day.
In related news, Canntrust Holdings (NASDAQOTH:CNTTF) has also applied to move to the NYSE, having filed paperwork to uplist from the over-the-counter exchange as well. The steady stream of cannabis companies moving to Wall Street not only demonstrates the increasing legitimacy of the marijuana stock market but also gives these companies a better shot a long-term growth. As firms such as Aphria (NYSE:APHA) and Canopy Growth Corp. (NYSE:CGC) make their way to major U.S. exchanges, Wall Street firms are more likely to offer coverage and investment.
HEXO brings deep pockets to the NYSE, as last summer the company signed a massive deal with Molson Coors to develop a line of cannabis-infused beverages. Many industry analysts consider the infused-beverage sector to be the “Holy Grail” of the cannabis industry.
More on this story as it develops.