MMJ cultivator Aphria gets initial OK to join Toronto Stock Exchange

Aphria, one of the largest federally licensed medical marijuana cultivation companies in Canada, on Monday received conditional approval to list on the Toronto Stock Exchange and announced a deal to raise 50 million Canadian dollars ($38.25 million).

The TSX will grant final approval to Aphria if it meets certain conditions the company described as “standard and customary” by May 3, according to a news release. Aphria currently trades on the TSX Venture Exchange.

If the Leamington, Ontario, company does receive the final OK, it would become the third marijuana-touching company to list on the TSX.

Two other federally licensed MMJ growers, Canopy Growth Inc. of Ontario and CanniMed Therapeutics of Saskatchewan, listed on the Toronto Stock Exchange in July and December, respectively.

In the fundraising deal, Clarus Securities, representing underwriters, agreed to buy 10 million Aphria shares at CA$5 a per share, according to a separate news release from Aphria.

Aphria joined another select group in November when it became one of a handful of cannabis-touching companies to receive an export license so it could send product to Australian biotech company Medlab Clinical.