The Green Organic Dutchman (TSX: TGOD) announced this morning that it had submitted its application to trade on the NASDAQ. Subject to regulatory approvals, the firm has reserved the same TGOD ticker for use on the platform once approved.
Upon approval, The Green Organic Dutchman will join several of its peers on the exchange. While the trend as of late has been to list on the NYSE versus that of the Nasdaq, the associated costs of listing on the NYSE are considerably higher. Many marijuana firms however tend to go that route in an attempt to seek shelter from the perceived volatility involved with being listed on the Nasdaq. Peers on the Nasdaq include Tilray Inc, Cronos Group, and New Age Beverage Corp.
The move to a US big board is largely being conducted to facilitate further international investment in the firm as the equity continues to struggle to find solid ground. TGOD has notoriously been a traders dream over the last several months as a result of its significant price fluctuations over the time period. The intent is that a broader investment base will inherently lead to a more stable price for the equity, thereby enticing largely investors to step in.
No timeline was given for the potential move to the big board, however the company was firm in its commitment to remain dual listed on the Toronto Stock Exchange as well.
The Green Organic Dutchman is currently trading at $3.50, up 8% on the positive morning news.
Information for this briefing was found via Sedar and The Green Organic Dutchman. 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.
