Next week, CannTrust Holdings (TSX:TRST) (OTC:CNTTF) will begin trading its common shares on the New York Stock Exchange, meaning that CNTTF stock will be no more (goodbye CNTTF, hello CTST). It will be an exciting moment for the medical and recreational cannabis producer; and today, three days before CannTrust starts trading on the NYSE, the CNTTF stock closed up just over 3%. This could indicate optimism in the marketplace regarding the CannTrust Holdings NYSE listing.
CannTrust Trading on NYSE and the CNTTF Stock
CannTrust Holdings is a medical and recreational cannabis producer based in Vaughan, Ontario. The company was 2018's top licensed producer of the year. The company has gained significant recognition over the last few years, primarily for its work in developing nanotechnology used to create products in the medical cannabis sector as well as the recreational cannabis sector.
On February 20th, CannTrust announced that it had met all the regulatory requirements it needed to list its common shares on the NYSE. Today, two days later and three days before the listing commences, CNTTF stock closed the day trading at $9.60. This means the stock closed up 3.03%.
According to the Canadian cannabis company, CannTrust's common shares will begin trading on Monday, February 25th, 2019, under the exchange symbol CTST. CEO of CannTrust Holdings Peter Aceto said "the NYSE listing is a natural progression for CannTrust," as the company is "continuously looking to deliver shareholder value."
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Good Things to Come?
Cannabis investors should keep an eye on the CTST stock on Monday. Peter Aceto believes the NYSE listing will do great things, such as resulting "in an expanded institutional and retail shareholder base." He also believes the listing will create "increased capital markets exposure;" it will also "firmly establish CannTrust as a global company."
Takeaway
The markets are closed for the weekend, but cannabis investors should make sure to come back on Monday, to see how the new CTST stock does on its first day on the NYSE, after replacing CNTTF stock on the OTC.
Featured image: Canva
