HEXO stock begins trading on the New York Stock Exchange today. But things aren't going as well as they could be. At the time of writing, shares are selling for $5.20, down $0.1031 or -1.94%.
So what happened?
The company is up-listing from its regular OTC Pink exchange in the US. Its ticker will continue as HEXO (NYSE:HEXO), and it will also continue trading on the Toronto Stock Exchange (TSX:HEXO).
HEXO Stock Begins Trading on the NYSE
Trading on one of America's largest exchanges does many positive things for a company. Some of the most important are:
- It exposes the stock to a much larger pool of investors (with potentially much deeper pockets)
- It (vitally) gives the company legitimacy as one of the biggest names in its respective field.
- All-in-all, up-listing tends to increase stock price, resulting in investors jumping for joy.
So although HEXO stock is currently trading down, there's still plenty of trading day left to turn things around.
Now, the firm will become the sixth cannabis company to trade on a major US exchange. It joins fellow cannabis producers Aurora (NYSE:ACB), Canopy Growth (NYSE:CGC), Tilray (NASDAQ:TLRY), Aphria (NYSE:APHA) and Cronos Group (NASDAQ:CRON) as leaders in an industry taking the world by storm.
>> HEXO Stock: HEXO Announces Public Offering of Common Shares
HEXO Corp (NYSE:HEXO) (TSX:HEXO)
HEXO Corp is a Canadian cannabis producer and distributor with a strong foothold in the Canadian market. It operates over 1.3 million sq. ft of facilities in Ontario and Quebec, and has also spread its footprint to Greece to establish a "Eurozone processing, production and distribution centre."
Operating under two brands, the HEXO brand and the Hydropothecary brand, it currently boasts an estimated annual production capacity of 25,000 kg.
The HEXO brand is targeted at the recreational cannabis market, while the Hydropothecary brand aims at the medical cannabis market. The company has sold over two million grams of adult-use and medical cannabis to date.
2019 Onwards
Since 2019 kicked off, HEXO stock has been climbing. The stock has increased over 40% in January alone.
As is typical with trading on the NYSE, HEXO will cease its share quotation on the OTCPK under the symbol HYYDF, effective immediately.
Do you think HEXO stock will be able to turn it around today on the NYSE?
Featured Image: Depositphotos © leungchopan
