While cannabis remains illegal on the federal level in the United States, and is even listed as a Schedule I drug alongside heroin, that hasn’t stopped Canadian marijuana companies from eyeing the nation to their south as a source of business.
After filing to list on the New York Stock Exchange (NYSE) earlier this month, Ontario-based cannabis company Aphria (TSX: APH) has now confirmed common shares will be listed on the NYSE beginning the morning of Nov. 2.
The news came in a press release to potential investors this morning, which revealed Aphria’s shares on the NYSE will be available under the ticker symbol APHA.
Prior to this shift, Aphria had previously been traded in the US on the OTCQB. All shares on that market will be voluntarily delisted by the company.
Those shares will shift to the NYSE automatically, without any necessary activity required by current shareholders.
In addition to being confirmed for a New York Stock Exchange listing, Aphria’s stock on the Toronto Stock Exchange will now be listed under the name APHA rather than the previous symbol of APH.
Aphria CEO Vic Neufeld had this to say about the announcement:
“Listing on the NYSE provides Aphria with access to the largest equity market in the world, with increased exposure to a vast array of US institutional and retail investors. 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.”
Neufeld then added, “We are excited to usher in a new era with the recent legalization of adult-use cannabis in Canada and as we aim to further expand our footing in exciting markets such as Latin America, the Caribbean and Europe. Aphria is well-positioned to capitalize on this fast-growing industry.”
Besides the successful bid to list on the New York Stock Exchange, Aphria also announced the recruitment of new Director of Research and Clinical Studies Dr. Jonathan Simone last week.
In that position, Dr. Simone will drive the company’s involvement in new clinical trials and studies, as well as correlating projects between Aphria’s medical team and all other divisions of the company.
Aphria further launched three additional brands this quarter, with products under the names RIFF, Goodfields, and Good Supply.