Canadian MJ producer Aurora Cannabis targets New York Stock Exchange listing

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Aurora Cannabis New York Stock Exchange, Canadian MJ producer Aurora Cannabis targets New York Stock Exchange listing

Canadian marijuana giant Aurora Cannabis has filed an application to list its shares on the New York Stock Exchange, a move that would make it the second major plant-touching company to trade on the Big Board – and the latest from Canada to establish roots on Wall Street.

If approved, the Edmonton-based company could begin trading on the NYSE before the end of the month, Aurora announced in a news release. Aurora would join Canopy Growth, which began trading on the Big Board in May.

Aurora already trades under the ticker ACB on the Toronto Stock Exchange and will maintain that listing. It expects to have the same ticker symbol on the NYSE.

An NYSE listing would pave the way for larger institutional firms to buy public shares of the company and propel Aurora onto a small, but growing list of Canadian cannabis firms that have landed a listing on a major U.S. exchange.

They include Cronos Group (NASDAQ: CRON) and Tilray (NASDAQ: TLRY), in addition to Canopy Growth (NYSE: CGC).

“This really shows that the U.S. markets are becoming more embracing of this global industry and open to listing businesses that are operating in federally legal environments,” said Harrison Phillips, vice president of New York-based Viridian Capital Advisors.

“The profile of investors in this space is continuing to develop as larger institutional investors move in.”

The move by Aurora comes as all eyes are on Canada’s cannabis industry and its biggest players. Canada will officially launch its recreational cannabis program Oct. 17.

Among Canadian cannabis producers, Aurora has “supply agreements covering 98% of the Canadian population,” Aurora CEO Terry Booth said in the release.

Aurora’s fiscal fourth-quarter revenue rose 223%, to $19.1 million Canadian dollars ($14.8 million). Revenue for the full fiscal year 2018 rose 206% from fiscal 2017, to CA$55 million, the company reported last month.