New York Stock Exchange Could Approve its First Listing By a Marijuana Producer
The ticker symbol WEED could soon appear on the New York Stock Exchange. Canopy Growth Corp., the largest marijuana company in Canada, applied to join the NYSE. The company believes they have a good chance of being approved before the end of the month.
Bruce Linton, CEO of Canopy Growth, said he considered both the NYSE and Nasdaq Stock Market but ultimately selected NYSE because of the additional credibility it gives his brand. He felt better about the fact that the NYSE is on Wall Street and has a longer history.
The company would join U.S. stock trading before officially moving south – Canopy does not yet have any operations on U.S. soil. However, Linton expects merely being listed on the NYSE will attract institutional investors from the U.S. who are ready to buy into marijuana growing.
Linton believes the addition of U.S. investors will help the company on its mission to expand globally, which he says was the driver behind Canopy's NYSE application.
Canopy would be the first marijuana grower traded on NYSE, but not the first company related to the industry. Fellow Canadians Cronos Group Inc. joined the Nasdaq Stock Exchange earlier this year and began officially trading in the U.S. in February.
Growth has come swiftly and dramatically for Canopy. It is now the biggest company in Canada's marijuana industry by both revenue and market value. Currently worth an estimated $6 billion, Canopy's value has been steadily increasing every quarter. Their stock prices in Canada more than tripled in just the past 12 months.