Mississauga, Ontario-based The Green Organic Dutchman Holdings is one step closer to down-listing its shares from the Toronto Stock Exchange after receiving approval to list on the Canadian Securities Exchange.
Listing on the CSE would allow The Green Organic Dutchman to pursue opportunities in the more lucrative American plant-touching cannabis market, as the TSX mostly bars its issuers from doing business in the U.S. cannabis industry.
“Our listing on the CSE allows the company to accelerate its plans for entry into the U.S. market,” CEO and interim Chief Financial Officer Sean Bovingdon said in a statement.
“We will continue to identify partners that can leverage our organic expertise and utilize our intellectual property, while allowing for synergies to make agreements accretive in the short and long term.”
In an interview with MJBizDaily earlier this summer, Bovingdon said, “You wait till the end of 2022 for all the regulations to be in place (in the U.S.), the cost of entry is going to be significantly more than what it is now.”
Green Organic Dutchman’s delisting from the TSX will take effect after market close Sept. 10, and trading on the CSE will commence Sept. 13.
Dozens of cannabis businesses switched to the TSX in recent years, but a move in the other direction is rare.
Toronto-based RIV Capital, which until earlier this year was a subsidiary of cannabis giant Canopy Growth, also plans to move to the CSE from the TSX.
The Green Organic Dutchman trades as TGOD on the Toronto Stock Exchange.