Canadian Marijuana Company 1st Ever to Be Listed on NASDAQ
A Canadian cannabis producer will begin trading on the NASDAQ Tuesday, thus becoming the 1st marijuana company to be listed on a US stock exchange.
Toronto-based Cronos Group won approval for the listing from the Securities and Exchange Commission (SEC).
“It’s very significant for the company and the whole industry,” Mike Gorenstein, Cronos Founder/CEO, said. “It’s a huge moment — just shows the stigma is continuing to erode on cannabis.”
Cannabis is federally illegal in the United States. But because Mr. Cronos is a licensed Canadian business producing cannabie for the soon-to-be legal recreational market in Canada, the company is technically not precluded from trading on US stock exchanges.
Recreational marijuana is legal in 9 US states and Washington DC, but medical marijuana is legal in 29 states, making the American market for cannabis worth over $6-B, according to investment bank Cowen & Co.
Cronos produces and sells medical marijuana in Canada, and ships its products to Germany, where they are distributed by G. Pohl-Boskam GmbH.
It’s also building a growing facility in partnership with a kibbutz in Israel, and has received a license through a joint venture in Australia.
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