Canadian marijuana firm Hexo to switch US stock listing from NYSE to Nasdaq

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Ottawa, Ontario-based marijuana producer Hexo Corp., planning to part ways with the New York Stock Exchange, applied to transfer its U.S. share listing to the Nasdaq.

“Transferring our U.S. listing to Nasdaq allows us to generate shareholder value through greater cost savings on our path towards profitability, while joining our peers on a leading global exchange,” Hexo CEO Sebastien St. Louis said in a Friday news release.

Hexo expects the switch to take place after the markets close on Aug. 23, subject to Nasdaq approval.

The company’s U.S. shares will continue to trade under the ticker symbol HEXO.

In Canada, Hexo lists on the Toronto Stock Exchange.

In 2020, the NYSE warned Hexo that its shares did not meet the exchange’s listing standards after they fell below $1.

Hexo subsequently consolidated its shares and maintained the listing.

In May, Hexo announced plans to launch cannabis operations in the United States by way of a Colorado production facility owned by a U.S. subsidiary. That deal closed in June.

Hexo reported a net loss of nearly 21 million Canadian dollars ($16.5 million) for the quarter ended April 30.