Aurora Cannabis is Now Live on the NYSE but Stock is Tumbling

Aurora Cannabis NYSE listing

The new Aurora Cannabis NYSE listing went live today, yet stocks on both the NYSE and the TSX are experiencing losses.

Aurora Cannabis

Aurora Cannabis (TSX:ACB) (NYSE:ACB) is headquartered in Edmonton, Alberta, and the cannabis company produces and distributes medical cannabis in Canada and internationally. 

The Canadian cannabis company has various industry partnerships within Canada and currently holds collaborative agreements with the Canadian pharmacies PharmaChoice, Pharmasave, and Shoppers Drug Mart. These pharmacies use Aurora for the distribution, sale, and marketing of cannabis products across Canada. 

Aurora Cannabis NYSE Listing

Ahead of its listing today on the New York Stock Exchange, the Canadian cannabis company made some interesting business moves the past week. On October 17th, recreational cannabis became legal across Canada, and Aurora published an official press release celebrating the industry milestone.

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“Cannabis as a medicine is a need, not an option,” said Aurora’s Chief Corporate Officer Cam Battley. “Our goal will always be to provide our patients with the greatest choice and flexibility in reliable, high-quality cannabis. We also commit to working with advocates, industry and governments across Canada to push for tax fairness for medical cannabis, something of critical importance to patients with chronic health conditions who find symptom relief in medical cannabis, but who often lack sufficient funds to afford the medication that helps them most.”

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In this press release, Aurora confirmed its commitment to remain Canada’s leading licensed producer of medicinal cannabis and will continue to release consumer products under both the Aurora and MedReleaf brand. This will continue even with the NYSE listing.

The same day, Aurora announced that its Aurora Sky facility at Edmonton International Airport had just been granted a sales license by Health Canada. The 800,000 square-foot facility is expected to produce 100,000 kg of cannabis a year.

The Aurora Cannabis NYSE listing was a move to make the ACB stock more accessible to investors, and listing on the NYSE puts Aurora on an even playing field with other cannabis companies that have listed on major US exchanges, such as Canopy Growth (NYSE:CGC) and Tilray (NASDAQ:TLRY).

ACB Stock Movement

Despite all the positive movement around Aurora, its stock is tumbling today on its NYSE launch day.

According to the NYSE website, ACB is currently trading at $8.0201 a share, down -$0.6699 (-7.71%). Aurora’s stock shares have corrected slightly, as just a few hours ago the stock was seeing double-digit losses.

According to Yahoo Finance, Aurora is currently trading at $10.48 a share on the TSX, down -$0.94 (-8.23%).

Featured Image: Depositphotos/© timbrk