Shares of The Valens Co. commenced trading on the Nasdaq Capital Market on Thursday, the Kelowna, British Columbia-based business announced in a news release.
“We believe this listing will enable Valens and its greater access to liquidity, increased corporate visibility, and a broader shareholder base, in an effort to create long-term shareholder value,” CEO Tyler Robson said in a statement.
The manufacturer of cannabis products joins Canadian licensed producers on the exchange, including:
- Cronos Group, based in Toronto.
- Hexo Corp., which has its head office in Gatineau, Quebec.
- Canopy Growth of Smiths Falls, Ontario.
- Aurora Cannabis, based in Edmonton, Alberta.
- Organigram Holdings, headquartered in Moncton, New Brunswick.
Shares of companies traded on higher-volume stock exchanges such as the Toronto Stock Exchange (TSX) and Nasdaq generally see increased access to more institutional investors and liquidity.
While shares of a number of other Canadian cannabis companies are also traded on the Nasdaq, U.S. “plant-touching” operators have access only to lower-volume exchanges such as the Canadian Securities Exchange and the over-the-counter-markets.
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The Nasdaq and TSX don’t allow plant-touching companies, as it breaks U.S. federal law.