Canadian cannabis product manufacturer The Valens Co. announced its initial application to list shares on the Nasdaq exchange in the United States.
As part of the Nasdaq listing plan, Valens will ask shareholders to approve a share consolidation at a May 25 meeting.
“If the share consolidation is approved at the shareholder meeting, the company believes that it will meet the requirements for listing on the Nasdaq shortly thereafter, including Nasdaq’s financial and liquidity requirements,” Valens said in a news release issued Wednesday.
Valens said it expects Nasdaq to decide on the company’s application by the end of June.
“We believe that listing in the U.S. will unlock various opportunities to enhance corporate visibility, increase liquidity and broaden overall awareness of The Valens Company to a larger investor base while driving value for our shareholders,” Valens President Jeff Fallows said in the release.
Shares of Valens will continue to be listed on the Toronto Stock Exchange, where they trade as VLNS.
Valens said its over-the-counter shares will also continue to be listed as VLNCF, “until such time as the shares may be listed on the Nasdaq, if the company’s listing application is approved.”
Earlier this week Valens announced a deal to buy Green Roads, a Florida manufacturer of hemp-derived CBD products, for at least $40 million.
Valens filed a base shelf prospectus earlier this year to raise up to 150 million Canadian dollars ($121 million).
Several other Canadian cannabis companies have applied to list on the Nasdaq in recent months, including major retailers Fire & Flower and High Tide.