Canadian cannabis producer Aurora Cannabis Inc. has applied to list shares of the company on the New York Stock Exchange (NYSE), according to Forbes.
Aurora Cannabis is the third largest cannabis producer in Canada with a market cap of over $10 billion, behind Tilray and Canopy Growth. Shares of Aurora are currently traded over-the-counter in the U.S. and on the Toronto Stock Exchange and will trade with the existing ticker symbol ACB.
“Through our NYSE listing, Aurora joins an established group of mature global brands with improved access and exposure to an engaged international institutional investor audience. Aurora’s high-paced execution has made it one of the world’s leading cannabis companies. We have grown from being a licensed producer with a single facility, to a horizontality differentiated and vertically integrated global organization with a funded production capacity in excess of 500,000 kg a year, sales and operations on five continents, and a team of more than 1,500 employees.” —Terry Booth, CEO of Aurora via press release
Aurora expects the stock to list by the end of October, should the NYSE approve the company’s application.
Aurora and other cannabis companies in Canada have grown explosively in the last quarter as the date of federal legalization in Canada, October 17, approaches. Only time in the market will reveal whether or not Aurora stock — and the stocks of other cannabis companies — is overvalued due to hype or if it has room for growth yet.
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