NEWS BRIEF

Cannabis firm Canopy Growth to follow Aphria onto Nasdaq, departing NYSE

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Smiths Falls, Ontario-based Canopy Growth is swapping one stock exchange for another, departing the New York Stock Exchange (NYSE) in favor of the Nasdaq in an effort to save money.

Canopy, which reported a loss of 128 million Canadian dollars ($97 million) in its most recent quarter, said the move is effective after market close on Nov. 13.

The company’s first day of trading on the Nasdaq is expected to be Nov. 16.

“Making the transition to Nasdaq also provides us with greater cost-effectiveness and access to a suite of tools and services that will help us connect more efficiently with our current and future investors,” CEO David Klein said in a news release.

Canopy follows the lead of Aphria, which made a similar move earlier this year to lower costs.

The Nasdaq generally has lower ongoing listing fees than the NYSE, “with an order of magnitude for the annual saving of the low-hundreds of thousands of dollars,” Jefferies analyst Owen Bennett wrote of the Aphria transition in May.

After the transition, Canopy shares will continue to trade as CGC, the symbol it currently uses on the NYSE.

Canopy also trades as WEED on the Toronto Stock Exchange.

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