CannTrust Holdings Inc. (TSX:TRST) has had quite a start to 2019 so far. TRST stock has climbed over 10% in the last five days. Today, the cannabis company announced its biggest news in some time, and yet its shares tumbled drastically. This is surprising given the news, but the stock has begun to correct and is trading green once more.
Let's dig into CannTrust's latest announcement!
CannTrust Holdings Applies for the NYSE
This morning, CannTrust Holdings announced that it has applied to the New York Stock Exchange (NYSE). The 2018 Canadian Cannabis Awards 'Top Licensed Producer of the Year' is currently trading on the Toronto Stock Exchange and the OTC Pink. CannTrust is also trading on various European exchanges.
Last year, a handful of Canadian cannabis companies applied and were listed on the NYSE, such as Aphria (TSX:APHA) (NYSE:APHA). The move could benefit TRST stock in similar ways.
"CannTrust has firmly established itself as one of the top licensed producers in Canada with a global platform rooted in trust, science and innovation," said Peter Aceto, CEO of CannTrust. "A listing on the NYSE is a natural step forward in our evolution as we look to broaden our investor base, increase the Company's exposure and expand our business on an international scale."
If approved, TRST stock will stop trading on the OTC Pink and begin on the NYSE. The exchange and the US Securities and Exchange Commission still need to approve the listing, before a trading date is released.
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TRST Stock Movement
CannTrust Holdings is headquartered in Vaughan, Ontario, and it produces and distributes pharmaceutical grade medical cannabis in Canada. The company sells oil extracts and dried cannabis. CannTrust was incorporated in 2015.
According to Yahoo Finance, TRST stock has almost corrected completely from its sharp drop earlier this morning. At press time, TRST is trading at $7.44 a share, up +$0.20 (+2.76%) and climbing.
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