Toronto-based medical cannabis company Cronos Group is the first Canadian cannabis company to be listed on the U.S. NASDAQ, according to a Forbes report. The company holds 100 percent of two Canadian medical cannabis companies: Ontario’s Peace Naturals and British Columbia’s Original BC. The company also holds a 21.5 percent stake in Whistler Medical Marijuana Company.
Cronos previous traded as an American Depository Receipt on the Over-the-Counter markets under the PRMCF symbol. On the NASDAQ, it’s trading under the CRON symbol and opened on the 27th at $8.24 and closed at $7.62. It closed yesterday at $9.17.
“This up listing to NASDAQ is a major corporate milestone and reflects the significant progress we have made in strengthening our corporate governance and expanding our global footprint. We believe this will increase long term shareholder value by improving awareness, liquidity, and appeal to institutional investors.” – Mike Gorenstein, Cronos Group CEO, in a press release
Cronos is part of the first cannabis-related exchange-traded fund, Alternative Harvest ETF, comprising the top holding of the fund at 9.18 percent.
Other firms included in the ETF:
- Aurora Cannabis Inc.
- Canopy Growth Corp.
- CanniMed Therapeutics
- MedReleaf Corp.
- CannTrust Holdings
- GW Pharmaceuticals
- Huabao Intl. Hldg.
- Arena Pharmaceuticals
- Turning Point Brands Inc.
Alternative Harvest began trading on the New York Stock Exchange Jan. 2.
Get daily news insights in your inbox. Subscribe