Following in the wake of main licensed producers such as Aurora and Aphria, health-related and recreational cannabis producer CannTrust Holdings (TSX: TRST) has overcome the final regulatory hurdles to list widespread shares on the New York Stock Exchange (NYSE).
Shares of CannTrust will be accessible on the NYSE making use of the ticker symbol CTST at the open of trading on Monday, Feb. 25. Discussing this newest marijuana stock development for the firm, CannTrust CEO Peter Aceto commented:
We are constantly searching to provide shareholder worth and the NYSE listing is a organic progression for CannTrust. We have taken methods to strengthen our management group to accelerate our development as we face higher demand for our solutions and knowledge, each domestically and internationally.
Final week, CannTrust announced modifications to upper management especially focused about preparing for listing on the NYSE and striking bargains on the international stage.
Ian Abramowitz stepped down from his part as the Chief Economic Officer to take up a new position overseeing international investments, although Greg Guyatt of GreenSpace Brands Inc. (TSXV: JTR) was tapped to replace Abramowitz.
Canadian licensed producers have been eager to list on the NYSE to obtain a lot more visibility and garner investment possibilities, in spite of marijuana remaining illegal at the federal level in the United States.
Recreational marijuana has only been legalized at the state level in 10 out of 50 U.S. states, with 33 states also permitting some type of health-related usage.
Listing on the US-primarily based New York Stock Exchange is just the newest in a series of moves by CannTrust to raise the company’s profile internationally.
CannTrust currently has partnerships in spot with cannabis corporations in Denmark and Australia, with research underway in Australia’s Gold Coast University to collect a lot more proof on particular usages for cannabis.
On the Canadian front, CannTrust is presently expanding a Pelham, Ontario cultivation facility to enhance the company’s production capacity. At the finish of 2018, CannTrust additionally announced a partnership with Breakthru Beverage Group subsidiary Kindred Canada to provide marijuana solutions to the recreational market place.
That exclusive agreement was struck to make use of Kindred’s encounter in beverage regulations to navigate the shifting province-by-province cannabis regulation landscape that has vexed a lot of corporations in the sector.