OrganiGram Holdings Inc (TSXV:OGI) (NASDAQ:OGI) has confirmed it has received final approval to begin trading on the Toronto Stock Exchange, boosting OrganiGram stock as investors get ready for the uplisting.
Welcome News for OrganiGram Stock
OrganiGram shares will begin trading on the TSX on Thursday, August 22, uplisting from its current placement on the TSXV. The stock will continue trading under ‘OGI.’ OrganiGram’s TSXV listing will cease trading at the close on Wednesday, August 21. Today’s confirmation is more welcome news for OrganiGram stock as back in May, when the company made a similar uplisting from the US OTC exchange to the NASDAQ, share value reached a peak of $8.35.
Making the move to more notable exchanges has been a primary goal for a number of cannabis companies in the US and Canada as it allows firms to access a considerably larger investor pool as well as showing that these firms really mean business. Some other notable cannabis firms on the TSX include industry giants such as Aurora Cannabis (TSX:ACB) (NYSE:ACB) and Canopy Growth (TSX:WEED) (NYSE:CGC), which have a combined market cap of nearly $20 billion CAD.
“Graduating to the TSX is a significant milestone for us as a corporation. Our stakeholders have an eye on this marketplace and this graduation will broaden our reach within the investment community and encourage new investors to learn more about our business, our growth plans and corporate objectives,” said OrganiGram’s Chief Executive Officer Greg Engel.
Uplisting to a larger exchange also brings with it added pressures for companies, as OrganiGram stock will now be subject to stricter transparency and compatibility rules. One company to fall victim to these more stringent regulations is the highly publicized and much beleaguered CannTrust Holdings (TSX:TRST) (NYSE:CTST) stock. CannTrust is currently at risk of delisting from the NYSE due to the various regulatory scandals that have rocked the company in recent months.
Investors in OrganiGram stock will be hoping that the company avoids a similar fate as it aims to finally kick on from a summer of varied fluctuations. OrganiGram stock is currently trading $5.07 a share.
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