Canopy Growth Corp (TSX: WEED) (NYSE: CGC) this evening announced that it is moving to the Nasdaq Global Select Market from that of the New York Stock Exchange. The move will be effective November 13 after the close of markets.
The company expects its US listing to resume on November 16, 2020 on the Nasdaq under the same symbol, “CGC”. The company justified the move by stating they are “joining some of the world’s leading companies that share [the] passion and focus for innovation.”
Notably it also provides the company with “greater cost effectiveness.” The Nasdaq is notably much more cost effective to maintain a listing on when compared to the New York Stock Exchange, with Aphria Inc (TSX: APHA) (NASDAQ: APHA) also recently making the jump to the Nasdaq for the same reasoning.
Current shareholders of Canopy Growth on the US listing will not be required to take any action, with shares being automatically transferred to the new exchange.
Canopy Growth Corp last traded at $20.46 on NYSE.
Information for this briefing was found via Sedar and Canopy Growth Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
