Cannabis multistate operator Curaleaf Holdings is following through with its previously announced plan to list on the Toronto Stock Exchange, a step up from its current listing on the more junior Canadian Securities Exchange.
In particular, the New York-based multistate operator filed an application to list the company’s subordinate voting shares on the TSX.
The move follows an Oct. 3 marketed offering of subordinate voting shares in order to meet the TSX’s listing criteria, Curaleaf said in a news release.
“I believe uplisting to the TSX will provide greater access to a broader set of global institutional investors, offer custody solutions backed by U.S. financial institutions, reduce volatility in our stock by having dedicated market makers, and make Curaleaf available for inclusion into indexes such as TSX and MSCI, all to the benefit of our stakeholders,” Curaleaf Executive Chair Boris Jordan said in a statement.
Curaleaf’s bid to list on the TSX came to light in a July regulatory filing.
If the company successfully uplists to the TSX, it will follow in the footsteps of fellow marijuana MSO TerrAscend Corp., which moved to the TSX in July, becoming the first U.S. plant-touching company to list on the senior Canadian exchange.
TerrAscend’s uplisting to the TSX could improve the company’s odds of attracting institutional investment.
Curaleaf’s move to the TSX remains subject to approval by the Canadian stock exchange.
“There is no assurance that the TSX will approve the listing application or that the company will complete the listing on the TSX as currently proposed,” Curaleaf noted in a statement.