Curaleaf Holdings (CSE: CURA) is officially leaving the Canadian Securities Exchange. The company has been approved to list its subordinate voting shares on the Toronto Stock Exchange, following months of work by the company to up list.
The approval is said to be conditional in nature, with final approval required. As a result, a timeline for the move has not yet been provided. The company has indicated that it intends to delist from the CSE upon listing on the TSX.
“We are now one step closer to accessing an even broader set of global institutional investors than we currently have, alongside the capital and increased liquidity that comes with listing on a major exchange such as the TSX,” commented executive chairman Boris Jordan on the approval.
The move to the TSX has been months in the making, with Curaleaf announcing in October that it had formally filed an application for listing, following the approval of TerrAscend (TSX: TSND) to list on the Tier 1 exchange back in July. That approval led to Curaleaf immediately moving to reorganize its assets in a manner that permitted the listing.
The uplisting for TerrAscend however has not been the magic bullet that it had hoped, with the name effectively being flat since its uplisting.
Notably the loss of Curaleaf will have a major impact on the CSE. The cannabis operator currently makes up 22.32% of the CSE Composite Index, and 29.83% of the CSE25 Index.
Curaleaf last traded at $5.85 on the CSE.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Views expressed within are solely that of the author. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.