In a few short months, Aurora Cannabis has become one of the most-sought after stocks among speculators hoping to get in early on the budding cannabis industry. Now the Canadian company is planning to list its shares in the U.S. As early as next month.
Aurora’s stock is currently listed on the Toronto Stock Exchange. In the U.S., Aurora shares also trade on the over-the-counter market, which is typically illiquid. Aurora’s shares on the U.S. OTC market, which trade under the ticker ACBFF, have risen more than 1,200% since mid-2017.
Aurora surged in popularity this week after reports emerged that Coca-Cola was talking with Aurora to produce cannibis-infused drinks. Investors rushed to buy the company’s shares, despite denials from both Aurora and Coca-Cola that such a partnership was in the works. That led to problems for trading platforms like Robinhood, which suspended purchases in Aurora’s OTC shares because it couldn’t meet the demand.
Aurora’s CEO Cam Battley told the Financial Post that he’s targeing the month of October for a second listing, this one on a U.S. Exchange. Two other Canadian cannabis companies are listed in the U.S.: Tilray trades on Nasdaq, and Canopy Group trades on the New York Stock Exchange. Tilray’s shares are up 670% since Aug. 1, while Canopy’s is up 103%.
To date, the company hasn’t filed any documents with the SEC to list its shares in the U.S., which could make an October listing a tight timeline. Aurora didn’t respond to a request for comment from Coins2Day.
Battley told the Post that a U.S. Listing would broaden access of its stock to institutional investors who aren’t allowed to trade OTC-listed stocks. It would also provide more capital to the company in the wake of a buying binge. Aurora has bought 11 companies in the past two years, including Vancouver-based ICC Labs, which has a 70% market share in Uruguay, the first country to legalize pot.
Aurora’s other acquisitions include MedReleaf, CanvasRx, Peloton Pharmaceutical, Pedanios, H2 Biopharma, Urban Cultivator, BC Northern Lights, Larssen Greenhouses, CanniMed Therapeutics, and Anandia. The company says it has the annual growing capacity for 570,000 kilograms of cannabis and has sales and operations in 14 countries.