On October 2nd, 2018, a Midas Letter reporter published an article. It hinted at a possible Aphria NYSE listing. At this point, it's all speculation; however, reporter Benjamin Smith did give evidence to back up this claim.
For a Canadian cannabis stock, listing on the New York Stock Exchange is a good thing; so, why is the APHQF stock down nearly 10% today, hours after Smith went to press with his article?
Possible Aphria NYSE Listing on the Horizon
On Tuesday, Benjamin Smith wrote that Aphria, Inc. (TSX:APH) (OTCQB:APHQF) is in the midst of making a move similar to Canopy Growth (NYSE:CGC). According to the reporter, on September 28th, a Management Information Circular was filed by Aphria. In it, the Leamington-based company describes how its Board of Directors must meet specific US Securities Act requirements, like those in the NYSE Listed Company Manual.
In the circular, Aphria talked about the New York Stock Exchange more than once. It was even in a section on Board independence. To Smith, this indicated that an Aphria NYSE listing could be on the horizon.
But, as previously mentioned, the cannabis market doesn't seem too pleased with the news. Granted, at least a dozen cannabis stocks are in the red zone Tuesday, but Aphria takes the cake.
Therefore, we wonder: do cannabis investors not want an Aphria NYSE listing to happen? Is that why the stock plunged today? Or, is it because the overall cannabis market is suffering?
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The Aphria Share Price
According to Yahoo Finance, as of 2:40 p.m., Aphria is trading at $12.56, which puts the APHQF stock down 9.31%.
The Takeaway
What do you think about Aphria listing on the NYSE? Remember that the company has not said anything to confirm this; it's all speculation at the moment. However, if it ends up being true, and Aphria debuts like Canopy Growth on the NYSE, then I would expect the APH/APHQF stock to start seeing some green. Wouldn't you?
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