Cannabis SPAC Greenrose to delist from Nasdaq, trade on OTC markets

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Cannabis industry special purpose acquisition company (SPAC) Greenrose Acquisition Corp. said it will delist its shares from the Nasdaq Capital Market and relist them on the OTCQX Best Market.

The move comes nearly three months after New York-based Greenrose announced deals to acquire four cannabis businesses in seven states, which will turn the blank-check company into a multistate marijuana operator.

“The reason for the delisting is that upon closing of its previously announced business combinations, Greenrose expects to become a U.S. cannabis company with plant-touching operations and would no longer be in compliance with Nasdaq rules,” Greenrose said in a Thursday news release.

Greenrose said its shares are expected to begin trading on the OTCQX market on June 21, under the same ticker symbols as before.

Common shares of Greenrose currently trade on the Nasdaq exchange as GNRS.