It's been hinted at, suspected, and quite frankly... anticipated. But finally, today, Aurora Cannabis announced that it has applied to list on the New York Stock Exchange, or NYSE. Aurora on the NYSE will create further growth potential for the company that is already one of cannabis' biggest players.
Let's have a look!
Aurora on the NYSE
Aurora Cannabis Inc. (TSX:ACB) (OTCQX:ACBFF) has filed an application to list its common shares on the NYSE. If this application is approved (currently it is pending), the company will join fellow cannabis giants Tilray (NASDAQ:TLRY) and Canopy Growth Corp (NYSE:CGC) with major US exchange listings.
After both those companies made the leap to the big leagues, they experienced major share gains. Such a move also cements a company's position as one of the biggest firms within its industry.
No doubt Aurora listing on the NYSE would mean similar success for this company; the move would open Aurora to more US investors and broaden its scope.
The company has completed a string of acquisitions as of late, spreading its footprint into Europe and South America.
But most recently it announced a take-over of Vancouver-based marijuana company ICC Labs Inc. for $290 million in stock. The company has also been rumored to be talking with Coca-Cola (NYSE:KO) too.
Perhaps a cannabis-infused beverages partnership is on the horizon?
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Aurora on the NYSE in October?
Should the application receive approval, we could see Aurora on the NYSE by the end of this month. The company will trade under the ticker symbol 'ACB.' It will continue trading on the OTCQX until completion of the NYSE listing. After which, the company will voluntarily delist its shares from the OTCQX.
Aurora stock closed yesterday on a high: up 5.35% in the 24-hour period. One year ago, you could buy Aurora stock for $3.00. Now, one will cost you $12.81. Such exponential growth in one year can only be furthered by an Aurora NYSE listing.
Keep watching this space.
Featured Image: Depositphotos/© Tzido
