FIRE stock investors are jumping for joy. Toronto’s Supreme Cannabis Company (TSXV:FIRE) (OTCQX:SPRWF) is climbing the stock ladder in more ways than one. The company is uplisting its Canadian stock from the TSX Venture Exchange to its bigger sister the Toronto Stock Exchange.
The move is also spurring on a bull run for FIRE stock as investors get on board with the news.
FIRE Stock: Toronto Stock Exchange
Announced yesterday, The Supreme Cannabis Company said that its listed securities will begin trading on the Toronto Stock Exchange (TSX) on February 4th. From then on, shares will trade under the symbols FIRE and FIRE.DB on the TSX.
According to the press release:
“Supreme Cannabis’ common shares and 6.0% senior unsecured convertible debentures due 2021 will be voluntarily delisted from the TSX Venture Exchange and will commence trading on the TSX under the symbols ‘FIRE’ and ‘FIRE.DB’, respectively.”
In reaction to the news, FIRE stock is making major moves on the TSXV. At the time of writing, shares are up 4.67%, trading at $2.24 CAD per share. Supreme’s stock is a hot mover on the OTCQX too, SPRWF trading up 6.64% at $1.73 USD.
Uplisting of any kind tends to encourage stock movement as investors anticipate major gains ahead.
It tends to do two things in particular for a company:
- Confirms business legitimacy and lets investors know the company is, in fact, delivering on multiple variables.
- It also increases stock liquidity by exposing it to a wider pool of investors.
Both these factors tend to bode well for shares, and it seems FIRE stock is no different.
Recently, HEXO uplisted to a major American exchange, the NYSE. Prior to its debut on the exchange, the stock grew significantly as investors anticipated what was to come. Ironically, on its first day of actual trade, the stock lost 1%.
Today’s FIRE stock movement mirrors HEXO’s scenario but will Supreme’s debut be more successful?
Supreme Cannabis Company
The Supreme Cannabis Company is a Canadian publicly traded company. It produces and distributes a variety of cannabis brands and products. Its flagship brand, 7ACRES, is a multi-award winning product.
Supreme also has an equity investment and long-term global distribution partnership with Medigrow. This partnership sees the company distribute medical-grade cannabis oil.
What do you think? Are investors acting too hasty on this news? Are you surprised FIRE stock is up so much on this news?
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