Curaleaf might be next marijuana MSO to list on Toronto Stock Exchange

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

Curaleaf Holdings hopes to be the next cannabis multistate operator to join TerrAscend on the Toronto Stock Exchange (TSX) in a bid to tap a wider investor pool.

The news, first reported by Cultivated, was tucked in a shareholder meeting notice filed by the New York-based MSO last week.

“In connection with the proposed listing of the subordinate voting shares of Curaleaf Holdings, Inc. on the Toronto Stock Exchange, the Company wishes to implement a reorganization of its U.S. cannabis assets,” the filing reads.

The first step is soliciting consent from shareholders to a list of proposed indenture amendments, which include redefining terms such as “asset sales” and “change of control.”

TerrAscend began trading on the TSX on July 4 after restructing its business so it could list on the exchange.

The move already is bearing fruit.

Jason Wild, the executive chair of TerrAscend, tweeted on July 13 that the company was no longer a restricted stock at  Morgan Stanley – a move that allows the investment bank’s customers to freely trade TerrAscend shares on the TSX.

In November, Curaleaf CEO Matt Darin told MJBizDaily in an interview that the company was investigating its options to list on a larger exchange.

“I think there’s a path potentially to uplist to the TSX, which would be an improvement in liquidity and availability of at least some institutional investors to purchase our stock,” he said.

“We’re having all of those conversations, and ultimately, we want to figure out the best opportunity for liquidity being accessible to the larger investor base.”

Curaleaf currently trades over-the-counter (CURLF) and on the Canadian Securities Exchange (CURA).