While Canadian pot companies file to list on U.S. stock exchanges and vice versa, the industry is additionally looking towards Europe as a major source of both potential customers and fundraising opportunities.
With cannabis restrictions loosening in European nations, companies such as Chicago-based Cresco Labs Inc. (CSE: CL; OTCQX: CRLBF) are moving onto the Frankfurt Stock Exchange (FSE).
Cresco’s shares are now listed on the FSE as of this morning under the ticker symbol 6CQ, while the company will continue listing on both the Canadian Securities Exchange and the U.S.-based OTCQX market.
Chief Executive Officer Charlie Batchell commented on the international move towards a German market:
With cannabis still illegal federally in the U.S. and the Canadian industry experiencing major growing pains as the one-year anniversary of recreational legalization approaches, European expansion has become a keystone for larger producers.
Both Canadian and U.S. cannabis entities have seized on the opportunities for international operation, from listing on the FSE, to importing cannabis oil for medical uses, and taking advantage of the increasing demand for CBD skincare products.
Back on the U.S. side, Cresco is currently looking to scale up operations in Illinois following the passage of new legislation this week that makes the state’s medical usage program permanent and significantly increases the number of qualifying conditions.
That bill was just signed into law on Monday and prompted Cresco to launch plans for opening five new Illinois dispensaries in early 2020. An ongoing expansion project to the company’s greenhouse facility in Lincoln, Illinois is also expected to wrap up by the end of December.
In other company news, Cresco announced an acquisition deal last week that will allow the company to scoop up Valley Agriceuticals and gain four dispensary licenses in the state of New York. That deal is expected to close in late August.