According to a press release announced earlier today, one of the US's largest cannabis companies is now listing on a European stock exchange. Cresco Labs (CSE:CL) (OTCQX:CRLBF), a vertically integrated multistate operator, is now listing on the Frankfurt Stock Exchange (FSE) in Germany under the ticker "6CQ".
Cresco Labs and New York
Shares of the cannabis producer are on the rise. Selling for $7.69 USD at present, this news adds to the stock's recent momentum. Only last week, Cresco Labs disclosed that it had received regulatory approval for its acquisition “of 100% of the membership interests of Gloucester Street Capital, LLC, the parent entity of Valley Agriceuticals, LLC via a merger between Gloucester and an indirect subsidiary of Cresco Labs.”
The approval gives Cresco the green light to acquire one of only ten vertically integrated licenses in New York State. The license permits one cultivation facility and four dispensaries.
As New York represents a mecca for the medical-use cannabis market with close to 20 million residents and approximately 105,000 certified patients, the news helped shares to climb.
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Euro-Denominated Shares
Now, Cresco Labs continues the momentum with a listing on the FSE.
Offering its share to a European market means that European institutional and retail investors will find it easier to invest in Cresco Labs and "participate in [its] continued success in creating shareholder value.”
It also importantly shows expansion for the company; another simple but vital step into the European marketplace.
The FSE is the largest stock exchange in Germany and one of the largest markets for trading equity securities in the world.
The move should help to secure investor trust in Cresco Labs as it works to regain losses from the year. Year-to-date, shares remain up roughly 14% at the time of writing; however, with highs of $13.21 USD hit in May, the company has a ways to go to reach those highs once again.
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