“Through our NYSE listing, Aurora joins an established group of mature global brands with improved access and exposure to an engaged international institutional investor audience,” said Chief Executive Terry Booth on Tuesday, according to Market Watch.
The common stock will be traded under the ticker symbol ACB, the same one used for the company on the Toronto Stock Exchange. The Edmonton-based company said its application for a listing is subject to the approval of the New York Stock Exchange and meeting all the listing and regulatory requirements.
The company will continue to trade on the TSX after getting a listing on the NYSE. It will continue to trade on the over-the-counter exchange until the NYSE listing is complete, at which point it will delist from the OTC market.
Aurora, which has a market cap of $10.08 billion, is one of Canada’s largest cannabis companies, alongside Canopy Growth (market cap: $11.60 billion) and Tilray ($13.04 billion). And with Canada set to legalize marijuana next week, most investors think this is the perfect time for Aurora to make this move.
Forbes noted that the market’s desire for marijuana stocks like Tilray and Cronos Group has approached the level of last year’s bitcoin mania, causing Tilray’s market cap to soar last month. And there are a surprising number of deals still being made, like Constellation Brands announcement earlier this year of a $4 billion investment in Canopy Growth, and Aurora’s reported talks with Coca-Cola last month.
