Aurora Cannabis Inc. will become the fifth marijuana company on the Toronto Stock Exchange when its shares begin trading there Monday, the latest sign that Canadian MJ businesses are joining the mainstream.
Vancouver-based Aurora joins Aphria, Canopy Growth, CanniMed Therapeutics and MedReleaf on the TSX, Canada’s largest exchange. The five companies have a combined market capitalization of over 4 billion Canadian dollars ($3.2 billion).
Aurora – whose Aurora Cannabis Enterprises subsidiary is a federally licensed medical marijuana producer – will continue to trade under the ticker symbol ACB. The company’s ascent to the TSX comes eight months after it uplisted from the Canadian Securities Exchange to the TSX Venture Exchange.
Being on the senior exchange comes with a number of advantages, including increased recognition, more exposure to analysts and greater access to capital. Dozens of cannabis companies are listed on Canada’s junior and alternative exchanges.
Separately, Smith Falls, Ontario-based Canopy Growth said it raised CA$25 million through a private placement of its common stock with a single investor it did not identify.
Canopy Growth, also a licensed MMJ producer, intends to use the proceeds to expand its production capacity ahead of Canada’s planned launch of recreational marijuana sales next year.
Under the terms of the deal, the company will issue 3,105,590 shares at $8.05 per share.
Matt Lamers can be reached at email@example.com
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