After receiving conditional approval to move up from the Venture Exchange to the full Toronto Stock Exchange market, Organigram Holdings Inc. (NASDAQ: OGI) today revealed trading will commence the morning of Thursday, Aug. 22.
The company will continue to trade under the existing symbol OGI that had previously been used on the TSX-V. Shares will no longer be available on the Venture Exchange as of the close of market on Wednesday, and will be entirely delisted to move up to the TSX.
Organigram’s move to the full Toronto Stock Exchange follows a similar graduation back in May when the company was approved to move from the U.S. OTC market up to trading on NASDAQ.
Discussing the impact on the company and shareholders, Organigram’s Chief Executive Officer Greg Engel commented:
Like most licensed producers in the industry, Organigram’s stock has been on a bumpy ride over the past year following recreational legalization in Canada.
Currently trading at a price of $5.06 a share on NASDAQ, Organigram stock is down from a high of $7.98 back in March, but up overall from pre-Cannabis Act prices that sat between $2.00 – $3.00 a share.
Moving onto more prestigious trading markets has been a major goal of licensed producers in both the U.S. and Canada over the last year, with companies such as KushCo Holdings, Inc. (OTCQX: KSHB) filing to list on NASDAQ.
A number of Canadian companies made the leap to listing on the New York Stock Exchange since legalization arrived last year, although not all market movements have been graduations upward. The beleaguered CannTrust Holdings (TSX: TRST; NYSE: CTST) for instance is notably in danger of losing its NYSE listing in the coming months following an unlicensed growing scandal.
In other Organigram news, the company recently decided to move full steam ahead with CBD by inking a deal to acquire 60,000 kg of organic material from 1812 Hemp by the end of the year.