Cannabis extraction firm MediPharm seeks Nasdaq listing

Barrie, Ontario-based cannabis extraction company MediPharm Labs has applied to list its shares on the Nasdaq amid a heightened period of volatility for marijuana stocks in North America.

If approved for trading, MediPharm would join a growing list of Canadian cannabis companies turning to the top U.S. stock exchanges to tap the globe’s largest pool of institutional investors, including:

  • Cronos Group (Nasdaq: CRON)
  • Sundial Growers (Nasdaq: SNDL)
  • Tilray (Nasdaq: TLRY)
  • Organigram Holdings (Nasdaq: OGI)
  • Aurora Cannabis (NYSE: ACB)
  • Canopy Growth (NYSE: CGC)

MediPharm is set to capitalize on the sale of cannabis edibles, extracts and topicals, which are going to start hitting store shelves in Canada on Dec. 16.

The company would maintain its listing on the Toronto Stock Exchange under the ticker symbol LABS, the company said in a news release.

“Listing alongside our peers on the Nasdaq will enhance our visibility and access to a larger base of institutional and retail shareholders in the U.S. and globally,” CEO Pat McCutcheon said in the release.

MediPharm recently secured a credit facility of 38.7 million Canadian dollars ($29 million) with a Schedule 1 bank.

The interest rate charged to the loan is tied to company’s debt-to-EBITDA ratio.

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