The company known as Canopy Growth Corporation or Canopy Growth for short has announced in recent times that they will be listed on the New York Stock Exchange (NYSE) as of May 24, 2018. The company will go under the ticker symbol of “CGC”. The listing for this company is one of the first big companies to be invited to such a prestigious exchange.
The listing on the NYSE represents a first for the company but it is not the only first they have acquired. Canopy Growth will become the first public traded, federally regulated cannabis-based business in all of North America. The company will also be the first to be listed on the S&P/TSX Composite index. This is not only a huge step for one of the larger companies in the cannabis industry, but it represents a complete paradigm shift in how things are typically done. The U.S. has a long history of not being partial to the idea of legal marijuana, so to have such a large cannabis company traded on arguably one of its most important exchanges, is quite a big deal.
Bruce Linton, CEO of Canopy Growth stated recently that “we’re a company focussed on leadership, vision, and integrity and listing on one of the most prestigious exchanges in the world validates the level of execution and ambition our team has demonstrated.” He continued to state that “Five years ago, as a small Smiths Falls based start-up in the cannabis sector, we could have never imagined this historic moment. I am exceptionally proud of our team for what they have built and what we will continue to build by continuing our focus on research, product innovation, and intellectual property to drive the industry forward around the world.”
Canopy Growth is one of the Canadian giants that has completely worked to reinvent the space on cannabis not only in Canada but beyond. All those who have stock on the OTC Pink market under the symbol of TWMJF, will see their stocks traded until the end of the day. After that, the shares will be traded on the NYSE under the name CGC. Those who have stock on the TSX exchange will not see much of a change in this scenario.
Canopy Growth has maintained its strategy at becoming one of the largest growers of cannabis in the world. They currently have operations in eight countries with over 2 million sq. ft. of growing room. The company plans to more than double this by the end of the year to meet the rising demand from the Canadian people. Much of the demand from Canada in the coming year is stemming from the potential legalization vote on recreational cannabis nationwide that is happening toward the end of this summer. Due to this expanding market, many of the larger companies in the industry have been working to secure more growing space to meet this need.
According to the company, Canopy Growth is “a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time.”
The cannabis market has been evolving for a long time, and major milestones have been a theme of the past year or so. The coming years will be a tell-tale sign of how the future of marijuana will go, but things continue to look good.
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