Following in the wake of major licensed producers such as Aurora and Aphria, medical and recreational cannabis producer CannTrust Holdings (TSX: TRST) has overcome the final regulatory hurdles to list common shares on the New York Stock Exchange (NYSE).
Shares of CannTrust will be available on the NYSE using the ticker symbol CTST at the open of trading on Monday, Feb. 25. Discussing this latest marijuana stock development for the company, CannTrust CEO Peter Aceto commented:
Last week, CannTrust announced changes to upper management specifically focused around preparing for listing on the NYSE and striking deals on the international stage.
Ian Abramowitz stepped down from his role as the Chief Financial Officer to take up a new position overseeing global investments, while Greg Guyatt of GreenSpace Brands Inc. (TSXV: JTR) was tapped to replace Abramowitz.
Canadian licensed producers have been eager to list on the NYSE to gain more visibility and garner investment opportunities, despite marijuana remaining illegal at the federal level in the United States.
Recreational marijuana has only been legalized at the state level in 10 out of 50 U.S. states, with 33 states additionally allowing some form of medical usage.
Listing on the US-based New York Stock Exchange is just the latest in a series of moves by CannTrust to raise the company’s profile internationally.
CannTrust currently has partnerships in place with cannabis companies in Denmark and Australia, with research underway in Australia’s Gold Coast University to gather more evidence on specific usages for cannabis.
On the Canadian front, CannTrust is currently expanding a Pelham, Ontario cultivation facility to increase the company’s production capacity. At the end of 2018, CannTrust additionally announced a partnership with Breakthru Beverage Group subsidiary Kindred Canada to deliver marijuana products to the recreational market.
That exclusive agreement was struck to utilize Kindred’s experience in beverage regulations to navigate the shifting province-by-province cannabis regulation landscape that has vexed many companies in the industry.