One more cannabis company has filed for listing on a U.S. exchange, following in the footsteps of Canopy Growth Corp CGC, Cronos Group Inc CRON, Tilray Inc TLRY and Aurora Cannabis Inc. ACB.
What To Know
Aphria Inc APHQF, a maker of medical marijuana and cannabis oil products, announced Tuesday that its common shares have been approved for listing on the NYSE.
The shares, which are currently trading over-the-counter, are to begin trading on the Big Board Nov. 2 under the ticker symbol "APHA."
Simultaneously, the ticker symbol for its Toronto-listed shares will change from APH to APHA.
"Listing on the NYSE provides Aphria with access to the largest equity market in the world, with increased exposure to a vast array of U.S. institutional and retail investors," Aphria CEO Vic Neufeld said in a statement.
"This strategic move aligns directly with our growth ambitions as we enter an elite peer group of respected, high-profile corporate brands listed on the NYSE."
Incidentally, tobacco company Altria Group Inc MO is contemplating a minority investment in Aphria, the Globe and Mail reported, quoting multiple sources.
Why It's Important
Like many cannabis companies, Aphria has been bulking up to expand its reach. In January, the company announced a deal to buy Nuuvera for $670 million in cash and stock. The target company works with partners in Germany, Italy and Israel.
Aphria completed the acquisition of Vancouver Island-based premium cannabis producer Broken Coast Cannabis in February for $175 million in cash and stock. This deal is expected to augment Aphria's annual production capacity by 10,500 kg to 230,000 kg.
Aphria's decision to list on the NYSE comes at a time when the market is going through a rough ride.
Aurora, which began trading on the NYSE Oct. 23, has lost about 23 percent in five trading sessions.
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