Cannabis stocks are fluctuating today. While Aphria (TSX:APHA) trades in the red, OrganiGram stock is up nearly 10% after announcing last week that it has applied for a Nasdaq listing.
Here's the latest with OrganiGram Holdings (TSXV:OGI) (OTCQX:OGRMF), a Moncton, New Brunswick-based cannabis company.
Organigram Stock: Uplisting to NASDAQ?
On April 26, OrganiGram Holdings said it applied to list its common shares on the Nasdaq Exchange. The Nasdaq Exchange is a notable stock exchange, so it's not surprising that OrganiGram stock would benefit from the news.
According to Yahoo Finance, OrganiGram stock is trading at $7.01, as of 12:37 PM on the OTC market. This means OGRMF stock is trading up 7.35%. Meanwhile, on the TSXV, OGI stock is trading at $9.41 as of 12:39 PM, which puts the cannabis stock up 7.43%. Not a bad start to the week, right?
Of course, OrganiGram stock probably isn't trading in the green just because the Nasdaq is one of the world's biggest exchanges. In fact, listing OrganiGram common shares on the exchange comes not from the popularity of it. Rather, CFO Paolo De Luca says OrganiGram Holdings has garnered attention from US investors as of late: "As a management team we are seeing increased interest from investors in the U.S."
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As a result, Luca and OrganiGram Holdings believes listing on a US stock exchange will increase both trading volume and liquidity for OrganiGram investors.
What Else Do We Know?
Alongside the Nasdaq listing, the cannabis company will also file a Form 40-F Registration Statement with the US SEC. Further, we know that while the listing remains subject to the approval of the exchange, OrganiGram will maintain its common shares listing on the TSXV.
Takeaway
What do you think about the potential OrganiGram NASDAQ listing? Do you think it will benefit OrganiGram stock? It certainly looks that way. After all, the news was announced last week, and the cannabis stock took no time to shoot up today.
Featured image: Canva
