Marijuana operator Verano is switching Canadian stock exchanges

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Marijuana multistate operator Verano Holdings Corp. is in the process of moving its Canada-listed shares from the Canadian Securities Exchange to the Cboe Canada exchange.

Chicago-based Verano said it has received conditional approval to list its Class A subordinate voting shares on the Cboe Canada exchange, which was previously called the NEO Exchange before its acquisition by Cboe Global Markets.

“The transition to Cboe Canada does not require the company to recapitalize or undertake any corporate restructuring,” Verano said in a Tuesday news release.

Verano believes moving to Cboe Canada “will better position the company to capitalize on future legislative catalysts in the U.S,” founder and CEO George Archos said in a statement.

“We continuously evaluate opportunities in the capital markets and have confidence that moving to Cboe Canada will provide improved access to liquidity for our investors through its market-making services, as well as through potential inclusion in global benchmarks such as FTSE and MSCI,” he continued.

“Additionally, we believe the move to Cboe Canada will position the company well for a timely transition to a U.S. listing should the industry make further inroads in D.C.”

Archos was referring to the prospect of marijuana being rescheduled, which the U.S. Drug Enforcement Administration is considering.

Verano shares currently trade as VRNO on the CSE and will trade under the same symbol on Cboe Canada.

The company’s shares also trade as VRNOF on the U.S. over-the-counter markets.

Verano said its listing on Cboe Canada and its delisting from the CSE are both subject to approvals by the respective exchanges.

“A timeline for the transition will be announced once the company receives final approval from Cboe Canada,” Verano said.