Canadian Cannabis Producer HEXO Corp. Applies To Transfer Its US Stock Exchange Listing To The Nasdaq

The Canadian cannabis giant, HEXO Corp HEXO HEXO, announced on Friday that it has applied to transfer its U.S. stock exchange listing from the New York Stock Exchange to the Nasdaq. Though the transfer remains subject to the approval of the Nasdaq, the Ottawa-based cannabis producer expects the transfer to take place effective Aug. 23, 2021, after market close, with common HEXO shares to begin trading as a Nasdaq-listed security on August 24, 2021. Shares will continue to trade under the symbol “HEXO.”

“Transferring our U.S. listing to Nasdaq allows us to generate shareholder value through greater cost savings on our path towards profitability while joining our peers on a leading global exchange,” HEXO CEO and co-founder Sebastien St-Louis said. “We are grateful for the partnership and support that the New York Stock Exchange has provided to us, allowing us to be one of the first publicly traded cannabis companies in the US.”

Current retail and institutional investor shares will automatically be transferred over to Nasdaq and shareholders are not required to take any action. The last day of trading of the Company’s common stock on NYSE is expected to be August 23, 2021.

Recent HEXO Moves

In an exclusive interview with Benzinga in June, St.-Louis talked about the HEXO's

commitment to become a 100% carbon neutral business by offsetting the company’s operational carbon emissions and even the personal emissions of all of its 1200 employees. The company is aiming to achieve this goal by September 2021. To do so, Hexo teamed up with Offsetters, a leading provider of sustainability and carbon-management solutions that helps organizations and individuals understand, reduce and offset their environmental impacts.

HEXO's Outreach And Products

HEXO serves the Canadian recreational market with a brand portfolio that includes HEXO, UP Cannabis, Original Stash, Bake Sale, Namaste and REUP brands. The company serves the MMJ market in Canada, Israel and Malta as well as the Colorado market through its Powered by HEXO® strategy and Truss CBD USA, a joint venture with Molson Coors. 

HEXO shares were trading 3.72% lower at $3.50 per share at the time of this writing early afternoon on Friday.

Photo of Sebastien St-Louis, Courtesy Hexo